So, in my interpretation, this whole song is a siren song/murder ballad, sung from the point of view of the murderess siren. The phrase "baby" is used as a term of affection, and not representative of a literal baby.

As the song goes, the murderess is singing to the man who's wife she had killed in some way. This is a song sung after they've fucked it out. She killed the wife because she wants the man....get that bitch out the picture. This thirsty, conniving hoe is close friends with this couple (of whom she just disposed of the wife), so there's a sense of trust and friendship there.

"Mama's gone away and your daddy gonna stay, didn't leave nobody but the baby...." Mama being used as a phrasing for one's "old lady", and in this instance the widower is struck with grief and has left him crying like a "baby".....

"Everybody's gone in the cotton and the corn...." He's being comforted by this "siren" and worried about what he psychologically considers at this point might be an infidelity, and people finding out about his indiscretion, considering his wife hasn't been dead for even a few hours (I would speculate).

"Honey in the rock and the sugar don't stop, gonna bring a bottle to the baby....." Thirsty ass hoe is comforting this man in his grief and taking advantage of a situation. This is a metaphor for her being a desirable young thing, and guys are guys and always horny; the "honey in the rock" is the cum in his hard dick, and the "sugar don't stop" is her ready to spread her thighs when he wants it. "....bring a bottle to the baby" is a psychological phrasing for nursing and tending to his sexual needs.

"Don't you weep pretty baby.......she's long gone with her red shoes on, gonna need another loving' baby...." This is pretty face value. They fucked it out, and he's distraught cuz the wife is dead, and this bitch is like, "It's all good, I gotchu.....and you're gonna need another woman to satisfy you, so let me do this...."

"Go to sleep little baby.....you and me and the devil makes three...." Her trying to ease his mind and make him sleep after everything that's gone down, and in the back of her mind she's like, "We going to hell for this one...."

"Come lay your bones on the alabaster stones and be my ever loving' baby...." When all is said and done, this heartless siren has no regrets about anything she's done to capture this man, and she will lead him to ultimate ruin and his complete undoing, until his death.....

This is a Siren Song if ever there was one, and so glad it was used and popularized so amazingly by the Coen Brothers in "O Brother, Where Art Thou?"

I would love to hear opinions about my interpretation.