What I got from the song was that Wolf loved Riding Hood, and wanted to disguise himself to get closer to her, so he wouldn't scare her away and ruining any chances he could have had. So he walks with her around, to protect her from the others she could attract, helping both of them.
I think in the end, he will only give into his murderous instincts and kill her. Thus ruining himself for good.
What I got from the song was that Wolf loved Riding Hood, and wanted to disguise himself to get closer to her, so he wouldn't scare her away and ruining any chances he could have had. So he walks with her around, to protect her from the others she could attract, helping both of them.
I think in the end, he will only give into his murderous instincts and kill her. Thus ruining himself for good.