The following is quoted from the entry at Andrew Kuntz's  The Fiddler's Companion:

The melody is called Hulet's Health (Sláinte Bhreagh Huilet, or a toast to Hulet) in Bunting's 1804 collection of Irish tunes (in which the tune is set in E Flat Major), where the melody first appears.... Bunting gave no source for the piece but collected some stanzas of lyric supposedly set to the tune from Blind Billy O'Malley of Louisborough, County Mayo:

Sláinte bhreagh Hiúlit sgaoil chughain é gan mhaill,
'S ná cásaigidh dúbuilte lionn, "punch" is meadhar.
Mar bhíos plátaí 'gus púntaíag an úr-fhlaith le raint
Ins a' tráth nach mbíonn diúrna i m-éan-chumann a mbíonn _sign_.
Imirt is ól fíona, céol píoba, _viol_ is cruit,
Cúilfhionn na n-ór-dhlaoi i scómra dhá saigheadh aige,
Óir is é siúd _delight_ an fhir mheidhrigh gan brón
Bheith páirteach le maighdean fá_mhoidore nó dhó.

No translation is given.