I personally doubt there's any hard & fast 'meaning' as such, just a bunch of images. The MOON line suggested calculation, whilst the STARS line harks back to the MAGI. Too far? My goodness, unless they're watching our for Orion in the winter sky... The SKY line is surreal; and the GROUND line likewise. As a whole I'd say it's one of the most ICONIC verses in British folksong.

Here's our 2011 version, which doesn't differ too much from the 2012 version, which differs from the 2009 version in that Ravhel gets a harmony in for the chorus, which she added diring the 2010 version, which you can hear edited on the Mudcat Winter CD put together by Bradfordian.

Rapunzel & Sedayne : Gower Wassail 1-12-2011