I've know of this song for a long time now. I've always liked it. But, when I got saved I started to look at things differently, of course. I look at the lyrics and I'm not exactly sure what the lyricist had in mind when writing it. To me, this song is about the Jewish people and their awaiting the coming of the Messiah. They rejected the Messiah, who is Jesus, over two thousand years ago. That is why most of them are still awaiting His first coming, whereas Christians have Him now and are awaiting His Second Coming. And I think the song questions whether or not the Jewish people will ever accept Jesus as the Messiah.
The truth is that someday they will. Despite most of the Jewish peoples continual rejection of the Messiah, they are still God's chosen people and He will never forsake them.
Psalm 137:5-6: If I forget you, O Jerusalem, let My right hand forget its skill. If I do not remember you, let My tongue cling to the roof of My mouth - if I do not exalt Jerusalem above My chief joy."