Ah, here it is - it's on Bok's In the Kind Land (1999), called "The Bressay Lullaby." The tune isn't exactly what I transcribed from Cole, but it's close.
-Joe Offer-

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BRESSAY LULLABY

Baloo balilly, Baloo balilly, Baloo
balilli, baloo ba

Gae awa peerie fairies (3)
Fae oor bairn noo.

Dan come boannie angels (3)
Ta wir peerie bairn.

Dey'll sheen ower da cradle (3)
O wir peerie bairn.

Bok's CD booklet took the lyrics from Norman Buchan's 101 Scottish Songs (1962)