I have been looking for the lyrics to this song since long, so thanks a lot for a good start of a transcription.

I have it on a CD from the South Roscommon Singers' circle titled What will we do? which I got from Mudcatter Martin Ryan.

The song is titled 'The Greyhound' on the recording and sung by Christina Pierse.

The notes to the song with the CD are these:
Many times All Ireland champion Christina got this one from Gene Anderson. Gene runs the thatched pub near Elphinon the road to Carrick-on-Shannon. He first heard the song sung by Sean Garvey from Kerry somewhere in West Clare. It's been around for a long as the electric hare.

Well, 'Sean Garvey from Kerry', now the rest of the sleuthing looks easy (grin).
I'll PM Martin Ryan to point him to this thread and I'll try to fill the gap some time next week.

Wolfgang