Jon attributes the learning of this to Forest School Camps (you can follow this link to read more about them here) and it’s one of several annotated as such. The cockade is of course a symbol of allegiance, which in this case isn’t specified, but a quick bit of delving seems to indicate the Jacobites and King Charles as possible. Naturally enough there are other songs of the same name to confuse the picture, notably from the pen of Robbie Burns. This also seems to be known as The Soldier’s Farewell and possibly as My Love Has ‘Listed, having one of the commonest themes found in country songs that tells of the fortunes of a girl and her young man who leaves her to join the army. The mudcat link here is also the closest lyrical match although the order of the verses is different as is some of the detail.