I'm only about 11 years late here, but the original Cohen poem can be found in his book, Stranger Music. The poem is ostensibly about a man and a horse, but some say it is allegorical and is about a man and a woman. Emmylou's song adaptation could be interpreted the same way, and taken either way, is a beautiful tone poem:

"Some say it's him,
some say it's her.
Some say, 'Love is like smoke,
beyond all repair'".

Haunting.