Also known as "The Aylesbury Girl" and "As I Strolled Out to Aylesbury". The "Ups and Downs" was a nick-name for the 69th foot regiment, a Welsh regiment which was regarded as a humorous anomaly because their ranks consisted largely of raw recruits and elderly veterans. A version of this song was collected in 1908 from Mr E. Frankham in Petersfield, Hampshire.
I learned it from Steeleye Span on their album Parcel of Rogues.