I think Lola was an Iron Dyke. I met her in a club down in old soho Where you drink champagne and it tastes just like cherry-cola [lp version: Coca-cola] C-o-l-a cola She walked up to me and she asked me to dance I asked her her name and in a dark brown voice she said lola L-o-l-a lola lo-lo-lo-lo lola Well Im not the worlds most physical guy But when she squeezed me tight she nearly broke my spine Oh my lola lo-lo-lo-lo lola Well Im not dumb but I cant understand Why she walked like a woman and talked like a man Oh my lola lo-lo-lo-lo lola lo-lo-lo-lo lola Well we drank champagne and danced all night Under electric candlelight She picked me up and sat me on her knee And said dear boy wont you come home with me Well Im not the worlds most passionate guy But when I looked in her eyes well I almost fell for my lola Lo-lo-lo-lo lola lo-lo-lo-lo lola Lola lo-lo-lo-lo lola lo-lo-lo-lo lola I pushed her away I walked to the door I fell to the floor I got down on my knees Then I looked at her and she at me Well thats the way that I want it to stay And I always want it to be that way for my lola Lo-lo-lo-lo lola Girls will be boys and boys will be girls Its a mixed up muddled up shook up world except for lola Lo-lo-lo-lo lola Well I left home just a week before And Id never ever kissed a woman before But lola smiled and took me by the hand And said dear boy Im gonna make you a man Well Im not the worlds most masculine man But I know what I am and Im glad Im a man And so is lola Lo-lo-lo-lo lola lo-lo-lo-lo lola Lola lo-lo-lo-lo lola lo-lo-lo-lo lola

As far as I know, Lola was supposedly a transvestite. So yes. Biologically speaking, Lola would be classified as a man.

Yes, I think Lola is a tranny or cross dresser, or something like that.

Not exactly an answer, as I always thought it was a man or a "Tranny". I do know this song is known for being the first mainstream song ever about a transvestite. Pretty controversial in the time it was written. Given the lifestyle the kinks and especially Ray Davies lived I don't think it is meant to be very cryptic. One thing it did though is become a stepping stone to public recognition of this type of lifestyle. Which is VERY common today.

Yes. There's a line in the song that goes "...in bed, I'm a man and so is Lola."

(s)he is ambiguous which is the point. It was all apart of Ray's quirky humour. There are homoerotic references in other Kinks songs as well, "See My Friends" if I recall is one.