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If you’ve waited until now to find out what this song is about, flip back the last two Reader’s Guide pages to get the longer explanation.
Basically, as the earlier verses have made fun of Jesus’ conception and miracle working, here they make fun of the creation of the gospels and the annunciation into heaven. “Olivet” is another way of referring to the Mount of Olives, where Jesus goes to pray shortly before his arrest, trial, and crucifixion. Why wouldn’t Gogarty/Mulligan have used Golgotha, where he was crucified, instead?
And if you’re wondering about all the handflapping, that’s specifically described in the text: he “fluttered his hands at his sides like fins or wings of one about to rise in the air.”