This is a kind of tenuous connection, but bear with me on this.
Firstly, I have always thought that Peggy Sussed was about a visit to DisneyWorld/Land. The lyrics make sense to me in that context. You may agree, you may think I am out there where the buses don't run...
Any road up, last night I saw an ad on TV for DisneyWorld with a little girl dressed up as a princess. And she says "I am a princess", then points to her dog and says "And this is my horse."
Hmmmm.