Not sure this counts, as I only know it as an art-song not folk! However:

THE COLOUR – song by Robin Milford (Op. 48 no. 2) to a poem by Thomas Hardy, which I gather he based on a traditional rhyme.

"What shall I bring you?
Please will white do
Best for your wearing
The long day through?"
"--White is for weddings,
Weddings, weddings,
White is for weddings,
And that won't do."

"What shall I bring you?
Please will red do
Best for your wearing
The long day through?"
" --Red is for soldiers,
Soldiers, soldiers,
Red is for soldiers,
And that won't do."

"What shall I bring you?
Please will blue do
Best for your wearing
The long day through?"
"--Blue is for sailors,
Sailors, sailors,
Blue is for sailors,
And that won't do.

"What shall I bring you?
Please will green do
Best for your wearing
The long day through?"
"--Green is for mayings,
Mayings, mayings,
Green is for mayings,
And that won't do."

"What shall I bring you
Then? Will black do
Best for your wearing
The long day through?"
"--Black is for mourning,
Mourning, mourning,
Black is for mourning,
And black will do."