pin a rose on me

[Kingaroo]

What does this phrase mean?  I have heard it in several songs (US) and it seems to have various meanings. 

I told you so/I was right?

I'm getting ready to party?

Send me off with a loving farewell?

[Clanad]

The only similar phrase I've heard here in the U.S. is a children's taunt; "pin a rose on your nose", generally said to other kids who are perceived as thinking they are better than their playmates.  Derogatory in nature and has been in use for many years, although I don't have the etymology at hand...

[woofgang]

Well its the title of a film if that helps??

http://en.wikipedia.org/wiki/Mother,_Mother,_Mother_Pin_a_Rose_on_Me

[woofgang]

and a song about going off to get rich

http://webapp1.dlib.indiana.edu/sheetmusic/devincent.do?&id=LL-SDV-168005