Is it a song about an owl, or is it perhaps a fairy tail, with the owl as an enchanted princess...?
I know a fairy tail like this, and the owl is very sad - first.
It is called "Kalif Storch". It is a very old "radio play" about the Caliph of Baghdad and his friend Mansor, who buy a powder, with which they can transform themselves into animals...
Here you can listen a little bit, but unfortunately not the part of the owl
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Kalif Storch - Wilhelm Hauff: Amazon.de: Musik