Hmm... all my life I thought the singer was addressing a child. I never thought about the song that deeply until this thread. Unfortunately, although I never cared for the song, I now cannot get it out of my head - thanks to this thread. (Worse than that, the lyrics I can't get out of my head are the "cat that ate your new shoes," since that is the joke I'd heard sung repeatedly as a child.)
I choose to continue my original interpretation.