Rabo-de-galo literally translates to "rooster's tail," which is a colorful and intriguing image. However, in Brazil, it's also the name of a popular and traditional cocktail, often made with cachaça and vermouth.
In the context of the song, the singer, after being heartbroken, declares he's going back to his roots in the countryside ("sertão") and will be "Bebendo uns rabo-de-galo" (drinking some rabo-de-galo). This phrase adds a touch of local flavor and suggests a return to a more carefree, traditional lifestyle, making it a unique and culturally interesting word choice.
The trade at the centre of this song is a bad one and the singer knows it: "Vendi o meu cavalo pra alguém desconhecido / Comprei apartamento, tudo isso pra quê?" ("I sold my horse to someone I did not know / I bought an apartment, and what was all that for?"). He stopped being a cowboy for a woman, she left, and the apartment stayed. So the chorus is a list of things he is taking back: find the horse, ride home to the sertão, drink a few rabo-de-galo (cachaça with vermouth, the standard order in a bar in the Brazilian interior).
"Peão não sofre, não" ("a peão does not suffer, no") is the line he keeps returning to, and a peão - a ranch hand and rodeo rider - is meant to be someone pain slides off. The spoken exchange at the end lets that slip. Léo and Raphael offer the usual consolation, "Muié bonita tem pra todo lado, viu" ("there are pretty women everywhere, you know"), and then answer their own joke: "Claro que nóis sofre, né" ("Of course we suffer, right").