Was "Ring Around the Rosie" about the Bubonic Plague?

“Ring Around the Rosie” has been a popular nursery rhyme for a very long time. Many of us learned it when we were children. But we often hear people claim that the rhyme is traceable to the time of the Black Plague, and that each line is a morbid reminder of the horrors of Bubonic disease. But was it? Episode 457