There do seem to be two distinct songs involved, though both are classed under the same heading by Child (213) and by Roud (2274). Gavin Greig wrote:

"The version now generally known and sung ... is credited to Michael Bruce (1746-1767), the author of the well-known Ode to the Cuckoo. The locale of the older version is taken to be Ballechan in the parish of Logierait, Perthshire; but as regards our modern way of the ballad, strong and persistent tradition claims the scene of the tragedy for Buchan."

(- Greig-Duncan Folk Song Collection, II, 1983, Notes: pp. 542-544). I don't know if the attribution of the later form to Bruce has ever been confirmed. A text appeared in A Collection of One Hundred and Fifty Scots Songs (London, 1768) and was re-printed in Keith's Last Leaves. The song also appeared in chapbooks. (Greig-Duncan, II 543 note P).

Greig gave some circumstantial detail, as did Christie (Traditional Ballad Airs, I, 16-19) but it doesn't amount to much. There doesn't seem to be evidence of an historical event behind the ballad, but that isn't to say that such might not emerge one day.