Lyric discussion by PunxRUs 

Cover art for Caution lyrics by Operation Ivy

I agree that this song is about drug use.

Everyone thinks they dont have a problem when doing drugs and that they can controll their use(walked dog on a real short leash) but in hind sight addicts really don't (turned around saw the dog walk me)

Stainless steel and painted glass i think refers to spoons (sterling silver = stainless steel)(use spoons to free base) and pyrex pipes, bowls and bongs (painted glass) which is used to consume drugs.

The rest of the lyrics describe the feelings of being high and coming down from it(a pulse like a hammer and a mind to match no relief no food no sleep when you're king for a day you're a whore for a week)

And the last bit is about finally getting clean and telling his story through this song as a warning to us, to have caution when using, cuz they've been there before. Caution was a word he couldn't understand (when he started or someone in the group started) but he's got it now (that he's off of it). Brings it all full circle.