Jon calls this “Probably the best known hunting song in revival circles thanks to the Watersons’ stirring version.”
I don’t have much to add to this one despite putting my sensitivities on hold after all the whaling debacle. I can offer this Mudcat thread, not that it’s especially illuminating as one of the links to Paul Graney (the Watersons’ source) doesn’t work at all and the other seems not to have been updated. There’s also a suggestion that this comes from the Holme Valley Tradition, but I can’t find anything to verify that, so if you know more please chip in below. As to the association with John Peel (who seems to be our most famous hunt master and hound owner), again I can’t confirm this and he and his dogs surely can’t be the only source of hunting songs.