From the Floating Log at Frogmorton

I always thought the original of this was called
"Butterfly of Love", but apparently it is called
"Elusive Butterfly", which is probably why I could
never find a copy of it. --Fool of a Took

Elusive Precious (Elusive Butterfly by Bob Lind)

You might wake up some evening
To the sight of eyeballs drifting past an island on a
log
And if you’re quick enough to turn
You'll catch a fleeting glimpse of something's fading
shadow
Beneath the trailing branches
You may see the flapping motion of a webbed pair of
feet
And if the sleep has left your eyes
You might hear hissing just above the river’s current.

Don't be concccerned, precious, it might not harm you,
no
It's only me pursuing something that was ssstolen
Consumes my dreams, it’s more than obsession
I chase the bright elusive Precious Baggins sstole.

You might have heard my footsteps
Slapping softly in the distance through the caverns in
a mine
I might have even hissed its name
As I sat scheming over some way to retrieve it
You might have heard me creeping
Through the long-abandoned ruins of what Durin left
behind
If you remember something there
That slithered near you followed close by heavy
hissing

Don't be concccerned, precious, it might not harm you,
no
It's only me pursuing something that was ssstolen
Consumes my dreams, it’s more than obsession
I chase the bright elusive Precious Baggins sstole.

You may awake some morning
To the feel of fingers clenching tightly closing off
your wind
And if you're quick to turn and fight
You may escape before I sstrangle you completely.
Or if you choose to trust me
Then for a while I may follow you and grovel like a
dog
Then if you chance to turn your back
I may go off in search of some way to betray you.

Don't be concccerned, precious, we might not harm you,
no
If we don’t choose we might not harm the nice
Bagginses. 
Ssqueeze the mean hobbit, once we getss Precious.
We chase the bright elusive Precious Baggins stole.