PIPE DREAMS was written by J. R. Chatwell, a western swing fiddler active from the 30s to the 90s.

I transcribed this from a sound sample of Asleep at the Wheel:

Imagination gets the best of me.
So I'll set and blow my pipe dreams ev'rywhere,
Baby, till my pipe goes out, goes out.

PIPE DREAMS also appears on Chatwell's "Jammin' with J. R. and Friends," Edsel CD 560, 1998. This comes from a sound sample of that album:

I watch my smoke rings as it drifts away.
My heart goes with them each night and day,
So I'll sit and blow my pipe dreams away,
Baby, till my pipe goes out.