Here are the words of a song, as I understand it:
O then dance around the spinning wheel
Grab your partners for a reel
Dance around and around the spinning wheel
And I'd love to dance with Pegg O'Neil
O then dance with me o my charming one
With your gold and gold and slippers on...
I'll buy you silk and holes to wear
I'll buy you ribbons all for your hair
The sun and moon for you I'll steel
If you dance with me my Pegg O'Neil...
Hands across and made to ring
All together now let us sing
We 'll go to dance the Sligo reel
And I'm going to dance with Pegg O'Neil...
So if someone understands it better...
I know that song by the Fureys (1968 record The Lonesome Boatman)
You can hear it here : http://membres.lycos.fr/tianig/radio.consolation
Thanks !