Jim, I went to I tunes and played the excerpt of the song. It's obviously done with tongue planted firmly in cheek (and not those cheeks, either):

    Cowboys are frequently secretly fond of each other

    What did you think those saddles and boots was about?

    There's many a cowboy who don't understand the way that he feels towards his brother

    Inside every cowboy there's a lady who'd love to slip out.

    Cowboys are frequently secretly fond of each other

    That's why they wear leather, and Levi's and belts buckled tight.

    There's many a cowboy who don't understand the way that he feels towards his brother;

    There's many a cowboy who's more like a lady at night


And Willie's always stoned, to hear him tell it.