The melody display in the online Digital Tradition (click) comes from an external source, 8notes.com, which in turn gets and converts the melody and and attached lyrics from the downloadable 2002 edition of the Digital Tradition. We have at least five versions or parodies of "All Around My Hat," and the lyrics with the melodies do not always match the lyrics in the song entry. Each melody in the DT has attached lyrics that do not always match the primary set of lyrics for the entry - we may use the same melody entry for several sets of lyrics. So, it's confusing.
That being said, the notes Mike cited are certainly apropos to the Steeleye Span lyrics in the DT - (click) - the note just doesn't match the lyrics attached to the tune.

The Steeleye Span rendition of the song blames the young man for being a "false deluding young man," and the theme of the song is, "Good riddance!"

The traditional lyrics are quite different, lamenting the exile of a female lover by a cruel judge and jury that falsely convicted her of thievery. The two songs have many elements in common, but they tell totally different stories.

And I like both.

-Joe-