This song is what you get when Bob Dylan wants to poke affectionate fun at fellow Minnesotan Prince.

Paul Williams' book Bob Dylan: Performing Artist 1986-1990 And Beyond quotes George Harrison on the origin of the song:

Jeff just sat down and said, “OK, what are we gonna do?” and Bob said, “Let’s do one like Prince! hahaha.” And he just started banging away, “Love your sexy body! Oooh-oooh-oooh-oooh bay-bee!” And it just turned into that tune.