What is his "lou" and why does he want us to skip to it?

You know the traditional song that goes in part,

Lou, Lou skip to my Lou,
Lou, Lou, skip to my Lou
etc.

I always thought that Lou was the name of a girl, but it doesn’t seem to make any sense in the context.

Or is it a British beer-drinking song, and the host is urging his guests to get themselves to the bathroom before something bad happens?

This song is often used in square-dancing, so I’ve always assumed that “skip to my Lou” might be an abbreviation for “skip to the left” or some such. Allemande left and do-si-do talk.

The part about the flies in the buttermilk bothers me, so I would rather not think about these lyrics in any depth.

The lyrics to Skip to my Lou were written in 1843 by Daniel Decatur Emmett. This site claims the tune is from an “18th century British country dance.” I found nothing on who ‘lou’ is, but Emmet did marry one Mary Louise Bird in 1879.
Emmet also wrote such hits as (wish I was in) Dixie, Old Dan Tucker, Turkey in the Straw, and The Blue Tail Fly.

I thought it was “skip to the loo”, as in making a desperate run for the outhouse.