In my head this song is about a boy who grew up playing with a toy elephant. The elephant was his best friend, and with his imagination the boy made up all sorts of adventures for him and his friend. As he got older the boy stopped playing with his elephant, and no longer could go into his own world with his best friend. Now the boy has grown up and knows that his old best friend is just a toy, hence the last lines:
"You’re my friend and I’m a boy, or I’m a fully grown man and you’re a toy elephant."
In my head this song is about a boy who grew up playing with a toy elephant. The elephant was his best friend, and with his imagination the boy made up all sorts of adventures for him and his friend. As he got older the boy stopped playing with his elephant, and no longer could go into his own world with his best friend. Now the boy has grown up and knows that his old best friend is just a toy, hence the last lines: "You’re my friend and I’m a boy, or I’m a fully grown man and you’re a toy elephant."