"Baloo Baleerie" is a Scottish lullaby. The title is alliterative nonsense based around the Scots word for lullaby, "baloo". As it is based on a recording in the BBC Glasgow Archives made on 22 January 1949 on the Shetland island of Bressay, it is also known as "The Bressay Lullaby". 
It was first published in 1951 by Alan Lomax.
An English version, "Go Away, Little Fairies" has also been published.
Lyrics.
The first verse refers to the story of the changeling, whereby a fairy would secretly substitute its own offspring for an unguarded human baby. In the first verse, the fairies are told to leave, while in the second verse, guardian angels are asked to protect the child. The third verse advises the child to sleep softly.
 
References.
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