The music was recorded in January or Febuary of 1990, at a time when the band was working with vocalist Jon Hendricks. When the band wanted to make a compilation of all their non-album tracks in 1999 (the Cleaning Out The Closet fan-club cd), they re-recorded the vocal tracks with James, so his vocals on that song are from the SFAM era, even though the music was recorded during the I&W sessions.
Incidentally, they did record a demo of the song in 1991 when James first joined the band, but that recording is of rather poor quality, though you can still find it on the Antiquities bootleg.