From an interview posted at bobdylan.com
"Writing songs, you are looking for rhymes that feel right—things that come to you even as you are singing. They come to you quick-like. Sometimes even in a scatological way. You don't have time to distill meanings or ideological fallout. You want to make sure that the feeling is there, but you can create feeling out of tone, texture, and phrasing, not only words."
Used to describe an idea or way of thinking that is neither sensible or logical.
I'm pretty sure Bob meant the latter not the former. Unfortunately whoever transcribed the interview had his or her mind on other things. Hey, it's only spelling...doesn't matter these days, right?