As I always say about songs/customs that are old - you can't fully understand (even with sensible lyrics) unless you lived in those times - I offer the Monty Python sketch as further evidence "You try telling young people today and they just won't believe you".

And as with Shanties - if there were two meanings there is no law (or lore) that says they can't both apply. Even in the mind of one person, let alone a whole tribe.

And if "Iko Iko" is proving hard to pin down - how about the "Jolly Trolley" chorus in "A Trooper Watering his Nag"? And what would "Tra La La" mean 100/200/300/400 etc years ago - a meaning for every century plus the modern one of "nonsense".

See that King all dressed in red? ........