Lou is short for the name "Louis" or "Louise." It is also slang for the military rank of lieutenant. A "loo" is British slang for a restroom. In Cambodia it is thick short noodles made with eggs and...
In France, Lou means famous warrior, from the Old German Chlodovech. Eighteen kings of France have borne this name, and Louis was used by the French royal family for hundreds of years. Famous Bearer:...
"Skip to my Lou" is an altered/Americanized form of, "Skip to my loo". Loo is a Scottish word meaning, 'Lover'.
So, skip to my lover is what the song is actually saying.