This song is about the sexual assault of a little girl, from first taking the child, to the actual action. The assailant bribes the child to come to him for sweets, and excites her with fantasies of toys and happiness, making a sick reference to male body parts with the line, "toys you've never seen." Once the girl is in his control, he won't let her go.
"Mr. Tinkertrain" can be interpreted as the name given to the assaulter, as he appears to be so nice but goes with bad intentions from child to child like a train.
"Cleveland Rocks" was written by an Englishman. Ian Hunter wrote the song after touring America in the late '70s and finding that Cleveland was by far the most receptive city to his brand of Glam Rock.