Oh, geez, what a resource youtube is. This is a song that Tim Hart and Maddy Prior recorded on one of their wonderful albums before they formed Steeleye Span with the Woodses and Tyger Hutchings. This film is from 2008, not too long before Tim died. The younger woman is Rose Kemp, Maddy and Rick Kemp's daughter.
This is a kind of nonsense song with the chorus Thou hast well-drunken, so who's a fool now.