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The song was written by Skip Scarborough, Jerry Peters and Anita Poree. The Friends of Distinction version features Charlene Gibson singing the lead vocals. In the lyrics, the singer is unsure of her future with her love interest. She wants a full commitment; either love her fully or she'd rather be lonely. "Part time love, I can find any day," she sings.
The song returned to the charts in the summer of 1982 in a version by American singer-songwriter Paul Davis. It was the third and final single from his 1981 album Cool Night (Davis' seventh, final, and breakthrough album). Davis' version of "Love or Let Me Be Loneley" reached number 40 on the Hot 100. It hit number 11 on the U.S. Adult Contemporary chart.
This would be Davis' final single as the lead artist and last single overall for five years until he was featured on Marie Osmond's "You're Still New to Me", Davis would retire from music altogether in 1988 and died in 2008. As with all tracks on Cool Night, Davis' version was co-produced by Davis himself and keyboardist Ed Seay.
In August 1970, the song was adapted into French as "La chasse à l'homme" (meaning "The manhunt") by Gilles Thibault and recorded by French pop singer Sylvie Vartan, who released her version as a non-album single, 5 months after the release of the original Friends of Distinction version. Vartan's version peaked at Number 17 on the French Belgian charts on October 24, 1970.