Point 1 - It does not take 8 maids to milk a cow. This obviously has to be a euphemism for stroking a ****.
Point 2 - To give credence to this theory, the song is about being given things for Christmas. In other words, the subject in the song was given 8 maids to milk his "cow".
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"Don't freeze up girl, you're looking quite a sight." - Adam Ant.
"Baby, can you dig your man? He's a righteous man." - Larry Underwood