The name is similar, as is the scansion, that this could alsmost be a verse of the bawdy version of Maggie May.

"They were tattered they were torn,
Round the crotch piece they were worn,
Those old red flannel drawers that Maggie wore,
They were hemmed in they were tucked in
They're the ones that she'd been ....
Those old red flannel drawers that Maggie wore"

Nigel