More bands should record songs like this! This is actually an instrumental version of "You're Always Around". One of my favourite songs, penned by Jon Williams of fantastic folkrock outfit The WordD. The intertwined story of The WordD and The Penthouse 5 can be unraveled with the help of Cicadelic, who have released a retrospective compilation of the two groups. Essentially, when The WordD broke up, Williams and 12-string player Richard Keithley joined the other band. This resulted in the re-recording of a few WordD songs, including the aforementioned "You're Always Around". Keithley is one of the best 12-string players I've heard, with a sound almost as rich as McGuinn's.
CLOUD 109 The Penthouse 5 - Twelve String Jangle