Lyrics:

I have always assumed the Jerry in question was Jerry Garcia, and that this song was a snarky (though a little affectionate) shot at Deadheads.
We were walking down the road of life
And all the brothers and sisters, they were going nowhere
Peace and love was not around
Trouble and strife was everywhere

We saw Jerry's, we saw Jerry's daughter
We saw Jerry's, we saw Jerry's daughter

Now peace and love are all around
And the brothers and sisters are free to go where they want
And be who they want to be
And nobody wears flowers in their hair
'Cause flowers are everywhere
Flowers are everywhere

We saw Jerry's, we saw Jerry's daughter
We saw Jerry's, we saw Jerry's daughter
We saw Jerry's, we saw Jerry's daughter
We saw Jerry's, we saw Jerry's daughter

We saw Jerry's, we saw Jerry's daughter
We saw Jerry's, we saw Jerry's daughter
We saw Jerry's, we saw Jerry's daughter
We saw Jerry's, we saw Jerry's daughter