Lyric discussion by PinkInk 

To me personally, this song is about a women or girl who runs away from love because she is afraid of getting hurt or she has trust issues (or perhaps both.) Stevie is the narrator talking about two lovers (she's speaking about the girl to the boy)

"Rhiannon rings like a bell through the night and Wouldn't you love to love her? Takes to the sky like a bird in flight and Who will be her lover? All your life you've never seen A woman taken by the wind. Would you stay if she promised you heaven? Will you ever win?"

This is saying that she got close to him and then decided to leave the relationship before he would have a chance to hurt her. He'd love to love her but she isn't letting him-trust issues or fears keep getting in her way of fully showing her full love to him and letting him do that to her. She "takes off" like a bird (leaving the relationship) and the boy is wondering if she's ever going to let anyone love her. He's never seen someone before who just leaves like that and he sees her as a challenge. He wonders if he will ever win her love and be able to get her to open up and break down her walls.

"She is like a cat in the dark and then She is the darkness. She rules her life like a fine skylark and when The sky is starless"

Either they are comparing her to a cat because cats are mysterious, or they are saying that you never thought you would love this girl but then her love just creeps up on you and you end up loving her and finding out that she's better than you ever thought she would be. On the "skylark" part, I'm a bit confused. Skylark has two meanings. One is like a songbird-the other is someone who plays practical jokes on someone. I think in this context it's referring to the previous lyric "takes off like a bird in flight," it's saying that she never stays in a relationship too long and she flees before she can be hurt. It could also mean that she plays with people's minds just to see how many people can fall in love with her and then she leaves them heartbroken??

I could be wrong but that's my interpretation.

Cool interpretation, Bro!

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