I have listened to this song dozens of times and am intrigued as to the events that inspired the writer.

I think the song could be about the baptism of a child, going 'down with the ease of a dolphin', 'emerging unlearned, unshamed, unharmed' and being 'a perfect creature'.

The bright blue rose seems mostly likely to be Mary, who like us 'ponders his (Jesus'?) death and his life eternally'.

Your thoughts?