I’ll also go with #2. Even before I ever saw Ms. Nick’s airy faery twirly squirrely dancing or heard her intro to the live version (“this song is about a Welsh witch”), I thought it was about a witchy type woman. Who could fly. Not saying I pictured her straddling a broomstick or anything, just that she’s a creature of the night / heavens.
Rhiannon in Welsh mythology isn’t really a witch, she’s more like a divine queen, a horse goddess with an affinity for birds. Cognate with Rigatona and Epona.
Slight aside: I just read a fascinating book called Introduction to Descriptive Linguistics, and a lot of it is about how most of us think of phonemes as (roughly) equivalent to “consonants” and “vowels,” when in fact intonation and stress can be equally phonemic, even in English.
The example of this that first came to my mind was the line in Rhiannon which I could never understand, no matter how many times I heard it – and later discovered that this was because Fleetwood Mac so egregiously violated phonemic stress: “when the rain wa-SHEZZ you clean…”
All your life you’ve never seen
woman, taken by the wind
Would you stay if she promised you heaven?
To me: there is this whole world Rhiannon can show you, that you have never seen/can’t imagine, if you choose to go with her. It’s so wonderful, why would you stay if she promised you all that?
I’ve seen lyrics both with and without the comma after woman. With it, the person being sung to is the “woman” (geeze, woman!), without it is “have you ever seen (a) woman taken by the wind?”.
In The Mabinogi, the prince Pwyll spends the night on a hollow mound and sees Rhiannon, riding on a white horse in the morning. He falls in love with her and chases her but can’t catch up to her. She goes so fast it is as if she’s “taken by the wind.” Day after day, he chases her. Finally he calls out, “Lady, in the name of the man you love best, stop.” She stops her horse, turns around and says, “Gladly. And it would have been much better for your horse had you asked much sooner.”
[Based on Patrick Ford’s translation.]