Caperucita is the Spanish name for the classic fairy tale character, Little Red Riding Hood.
This word is fascinating because you'd never expect to find it in a romantic song about a breakup. Carin Leon uses it in a powerful metaphor, singing "La versión que tiene el lobo no es la de Caperucita" (The wolf's version of the story isn't Little Red Riding Hood's).
He's saying there are two sides to every story. He feels like he's been painted as the villain (the wolf), while his ex-partner has a completely different, perhaps more innocent-sounding, take on why they fell apart.
Carin Leon kicks things off with the kind of crazy, immediate chemistry that sneaks up on you fast. It starts with playful glances across a room until her high heel touches his boot under the table ("por debajo la mesa tu tacón tocó mi bota"). Falling for each other was ridiculously easy—he says it was simpler than the one-times multiplication table ("más sencillo que hacer la tabla del uno") and by breakfast time, he was already completely in love ("a la hora del desayuno ya sabía que te amaba"). Soon, they are skipping straight into their own honeymoon phase ("se nos hizo miel la luna", a clever twist on luna de miel, meaning honeymoon) and heading off to a concert in Tijuana. It was supposed to be impossible and forbidden ("era prohibido, era imposible"), but they just did whatever they wanted anyway.
Of course, burning that bright that fast usually brings trouble. After roughly four hundred dates ("cuatrocientas citas"), they loved each other so much that they ended up burning out and becoming total strangers. Leon gets clever about the breakup, pointing out that the wolf and Little Red Riding Hood always tell different versions of the same story ("la versión que tiene el lobo no es la de Caperucita"). Even though they have no idea where the other person is right now, there is zero bitterness left. He is confident that the next time they run into each other, they will just end up repeating everything that happened on their very first date.