I have heard the following - perhaps someone can verify it.

The 2nd Royal Dragoon Guards or Royal Scots Dragoon Guards, Scots Greys or Royal North British Dragoons. The guys on the grey horses at Waterloo, whose Sergeant Ewart captured the eagle of the French 45th regiment.

Where did their name originate - i.e the Scots Greys?

One story I heard was that it dates back to the English civil war when the Scottish Parliament threw in it's lot with the English Parliamentary forces. The decision was that Parliamentary forces were to wear red - this being so the Scots would have had to buy red cloth from England. The Scots refused to do this ("Whit d'ye think am made o money!!!!) as they had lots of plain woven hodden grey cloth - and they used this to outfit the cavalry they sent to aid the English Parliamentary forces in the North of England.

I have also heard the version of the song that has the blue cockade - judging by the location of the song is it possibly naval as the words I heard involved people setting sail to fight or could it have anything to do with Monmouths Rebellion?

Cheers,

Bill.