‘Child,’ as in ‘Child Roland,’ etc., is a title of courtesy = Knight.
CHILD WATERS
1.
Childe Watters in his stable stoode,
& stroaket his milke-white steede;
To him came a ffaire young ladye
As ere did weare womans weede.
2.
2.2 ‘see,’ protect. So constantly in this phrase.
Saies, ‘Christ you saue, good Chyld Waters!’