Nobody took the bait, but it is time to seek closure on the "Ring Around the Rosie"post from a few days ago.
The persistent whispered undertone is that it is about the Black Death, the bubonic plague, that killed one third of the population of Europe in the thirteenth century.
One can immediately see the case to be made: the little dance of the children is the standard Medieval motif of the Dance of Death, generally referring to the plague. Everyone falling down at the end is everyone dying. The cry of "Ashes! Ashes!" is the burning of the bodies, which was done, to prevent the plague's spread. The roses and posies were flowers carried to protect against the disease. In those times, it was believed that illnesses were spread by bad smells.
Sounds good, but these inferences from the modern lyrics are all that we have. No definite link, and nobody really knows what the song means.