In words familiar from many songs, the girl says that she has been jilted through no real fault of her own. Her lover had bid her farewell. She will dress well and show no sorrow, and vows she will love him no more.
This is one of those songs that seems to be assembled entirely out of floating materials. The first stanza in Ord's version, "The flowers are bonnie and the trees are green, But the days are away that I hae seen," is of course reminiscent of "A-Growing." Both the first and second stanzas have parts reminiscent of "I'll Be All Smiles Tonight." The overall effect is more like "Farewell He." And a couple of lines remind me of "No, Never, No."
The combined effect seems to be unique, though. - RBW