I think of this as Part 2 of If You Could Read My Mind. The songwriter is recalling how he was "chained to a wishing well". Then a new love appeared behind him, "asking to be taken inside". And it was "a rainbow ride" for both of them for awhile. She's exciting, "a red hot kid", and he's fallen for her hard such that he's lost his pride. But the relationship soured. They've parted ways, he's concluded "she's not the same". He still has regret as he says he could never let yesterday go, consequently she appears in his dreams.
I think of this as Part 2 of If You Could Read My Mind. The songwriter is recalling how he was "chained to a wishing well". Then a new love appeared behind him, "asking to be taken inside". And it was "a rainbow ride" for both of them for awhile. She's exciting, "a red hot kid", and he's fallen for her hard such that he's lost his pride. But the relationship soured. They've parted ways, he's concluded "she's not the same". He still has regret as he says he could never let yesterday go, consequently she appears in his dreams.