This text can be found in Dae Ye Min' Langsyne? A Pot-Pourri of Games, Rhymes, and Ploys of Scottish Childhood by Amy Stewart Fraser, 1975. It is called a "Bressay cradle-song":

Baloo, balilo, baloo, balilo,
Baloo, balilo, baloo, balilo,
Gae awa' peerie fairies
Fae wir peerie bairn.

Baloo, balilo, baloo, balilo,
Baloo, balilo, baloo, balilo,
Dan come bonnie angels
Ta wir peeire bairn.

Baloo, balilo, baloo, balilo,
Baloo, balilo, baloo, balilo,
Dey'll sheen ower da cradle
O' wir peerie bairn.
Baloo, balilo, baloo, balilo.