In the Oldfield book David says :
After Communique, I felt less happy. I considered that the point of view in songs was erroneous. I said to Mark : "I'd like to make music that makes me feel like when I was a kid, when I turned on the Ferris wheel. music made me something, combined with sensations being in a carousel at the fair".I pestered Mark to write things that would work like this. I would like to believe that he wrote TOL for this reason. But I'm sure that this experience was also part of his memory.
and later in the book, the author writes :
in TOL there are several meaning levels. Memories from a child at the fair are blended with an allusion to the group itself: "sing a Six Blade knife song".
There is another allusion to the past : WWE in Expresso Love
To me, the song is a metaphor to luna park/ roller coaster symbolizing love feelings/ teenage years
Mark always introduced the song as "it's a song about be in love, be in a band, etc..."