Oddly enough, this song is not in the key of B-Major, as the title might imply. It originally was, but the final version is in D-Minor.
Many of the lyrics of this song are merely Anthony Kiedis singing about an assortment of his favorite things and people. Many of the mentioned people are famous, including the NBA's Los Angeles Lakers, punk band Bad Brains, writers Mark Twain, Truman Capote, and Charles Bukowski, Jimi Hendrix (referenced via his song, "Purple Haze"), Robert De Niro, Mike Tyson, artist Robert Williams, Billie Holliday and Count Basie. A clitoris is also included as "one of his favorite things" (sopping wet, your pink umbrella).
One of the opening lines to this song, "I've got a non-stop 'Yo Swan' hello chip," is a reference to an old nickname of Anthony Kiedis'. He was often called Antwan the Swan.
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