This is the first I had heard of this song. Miley Cyrus says the song was inspired by the multicolored walls of her studio, but the lyrics clearly have to do with being gay:
Wouldn't it be nice to live in paradise
Where we're free to be exactly who we are
Let's all dig down deep inside
Brush the judgment and fear aside
Make wrong things right
And end the fight
'Cause I promise ain't nobody gonna win (come on)
Living in a Rainbowland
Where you and I go hand in hand
Oh, I'd be lying if I said this was fine
All the hurt and the hate going on here
The song is a liberal anthem, not for kids. I think I was singing "Twinkle, Twinkle Little Star" at that age. Today I guess they could change to Miley's version: "Twerkle, Twerkle, Little Slut."