Same lyrics different tune.
This version of "Jeremy" was a huge surprise, with a few, pensive guitar notes opening the song. The crowd was hushed, not sure what to think. This variation was almost totally rearranged with Ed filling in on rhythm guitar, a sweet bluesy riff infusing after the first verse and Jeff's pervasive bass line seems to cement it all together. Ed nearly totally abandons singing the chorus; musically, the song becomes more familiar during the chorus and toward the end. Ed notes, "... we're just making this up as we go along tonight." The written setlist seems to maintain otherwise.
What became known to PJ fans as "the new Jeremy" was played a few more times during the 1995 tour, to the delight of many fans and to the bemusement of others, most of whom were not aware that this new version existed. Often people didn't recognize it, or at least not at first. Sometimes the band would toy with the crowd about playing it. Ed teased at the second Milwaukee show, "We're having a band argument," presumedly about which version to play. They eventually played the entire new version later that evening.
Taken from http://www.fivehorizons.com
