I think thenor got it right.
Being a wolf and sporting fur, seems to be symbolic of an instinctual, hedonistic almost childlike lifestyle. One where he was just looking out for himself not thinking about other because "I lost the taste for judging right from wrong." He seems to connect "my mother shouting through the fog" with temptation. When he sees the girl presented with temptation he "rescues" her and settles down with her. This settling down, and change of lifestyle causes him to lose his metaphorical fur. What he's learned is that you cannot solely devote your life to hedonistic pursuits, but you can still dream about them, and occasional sport the "fur." Hedonistic seems a little harsh because the fur could also be a sign of childhood, and childhood memories ("But I still dream of running careless through the snow"), so this song could just be about growing up.
I think thenor got it right. Being a wolf and sporting fur, seems to be symbolic of an instinctual, hedonistic almost childlike lifestyle. One where he was just looking out for himself not thinking about other because "I lost the taste for judging right from wrong." He seems to connect "my mother shouting through the fog" with temptation. When he sees the girl presented with temptation he "rescues" her and settles down with her. This settling down, and change of lifestyle causes him to lose his metaphorical fur. What he's learned is that you cannot solely devote your life to hedonistic pursuits, but you can still dream about them, and occasional sport the "fur." Hedonistic seems a little harsh because the fur could also be a sign of childhood, and childhood memories ("But I still dream of running careless through the snow"), so this song could just be about growing up.