Yes, it’s about hair dye. Sort of. And yes, it was inspired by a certain Type O Negative song.
 

Black Cherry

She used to dye it black; she had the blues.
Lacy gowns and scaring all of the dudes.
‘Twas All Hallow’s Eve; we didn’t look back.
Oh, one last time to dye it all black.

Now this phoenix’s rising, it’s still true;
Oh, Lilly Munster’s got nothing on you.
So now you’ve taken on a lighter hue.
That Black Cherry looks goddamn good on you.

Well, if you wanna go out, it don’t matter if your roots are showing.
Yeah, you can go out to remind yourself where you’re going.
Just don’t dye it black.
You can’t go back.

Loving you, ’cause we’re both undead.

Black, black, black cherry, oh.