Lyric discussion by meatloafninja 

Cover art for Two Women lyrics by Angels of Light

The two women are most definitely Michael Gira's mother and Jane / The Living Jarboe, who was a member of The Swans with Gira. The portrait on the cover of the album "How I Loved You" is of Gira's mother. At the very end of the song, if you listen very closely, you can hear Gira say, "Goodbye, Jane."

To me, the first half of the song is thanking his mother for bringing him into the world, and the latter half is thanking Jarboe for saving him from self-destruction, and possibly admitting to a very deep love for her that was either never expressed or shared.

Regardless, it is a very beautiful, powerful song, and I thank Michael Gira for creating it.