Bruce Molsky on his Big Hoedown cd sings the following version with Bev Smith and Rafe Stefanini - a very slow and sweet tune quite different from the typical faster versions that I have heard.   He doesnt say where he got it, sometimes he mixes versions. Bruce says the words dont really tell a story so much as paint a picture of love and helplessness:

TRAIN ON THE ISLAND

Train on the island thought I heard it blow
Run and tell my true love, I'm sick and I cant go
      I cant hold the wheel

Train on the island headin for the west
My and my gal we fell out, it might be for the best
      I cant hold the wheel

Train on the island headin for the west
Run and tell my true love , the one I love the best
      I cant hold the wheel

Train on the island thought I heard it squeel
Run and tell my true love I can't hold the wheel
      I cant hold the wheel