The lyrics are intentionally vague, with Halford giving few details of what he's doing after midnight. We know he's riding a motorcycle (by this time, he was using a motorbike to make his stage entrance when the band performed "Hell Bent For Leather
"), that he's "loaded," and that he's "Lovin' till the morning," but we don't know what he's loaded on our who he's lovin'. Judas Priest did their share of party songs, but unlike, say AC/DC, whom Priest opened for in 1979, they didn't give specifics. This was partly to keep the song focused on the carpe noctem concept of living life to the fullest in your own way, but also because Halford didn't want to glorify sex or drinking. He was a heavy drinker at the time, but not proud of it. He is also gay, so he didn't sing about scoring chicks.