(©New Colony Six 1966)

[lyrics not yet available]

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Originally released on a single in Sept. 1966 and later included on the band's second album, Colonization, in 1967. The album gives it an alternate title, "Elf Song (Ballad of the Wingbat Marmaduke)."
The song: https://www.youtube.com/watch?v=FqS9eZBjwjs
The lyrics seem to be about hobbits, but the song instead refers to "an elf".
Here's an interview with band member Ray Graffia Jr. where he mentions Tolkien's influence:
What were the influences and inspirations for the songs recorded?
Truly, mainly girls… In my case, additional inspiration from artists like Bob Dylan – listen to ‘Time Of The Year Is Sunset’ which I wrote or ‘Elf Song (Ballad Of The Wingbat Marmaduke)’ which came from the band’s interest in J. R. R. Tolkien’s writings, like The Hobbit. Truly though, most of the rest came from imagined or real life stories.
https://www.psychedelicbabymag.com/2023/07/the-new-colony-six-interview.html
And the liner notes to the compilation CD Colonized! Best of the New Colony Six (Rhino, 1993), say the following:
"The first Colony 45 with [Ronnie] Rice was "(The Ballad of the) Wingbat Marmaduke" (September 1966). The "Wingbat" fairy tale, loosely inspired by J.R.R. Tolkien's The Lord of the Rings, did not chart even in Chicago."