I've been inclining to the view that the text at the top of this thread came into the Scottish Folk Revival through the singing of Jeannie Robertson, but cannot confirm it.
The only relevant version to come to hand is a shorter one, titled The College Boy, printed by Buchan and Hall in The Scottish Folksinger, and credited to Jeannie's daughter Lizzie Higgins.
Their note says that Maidment said the original 'college boy' was the youing Laird of Craigstoun.' they also comment of course that 'there are numerous Scottish and Irish versions'.