Originally released on "Street Legal", not regarded as one of Dylan's greatest album, this song is approaching the status of "Hallelujah" as a previously unregarded classic by a major songwriter.
This isn't the best cover version by any means. check out this review which is fairly typical of the album release at the time.
everything2.com/title/Street+Legal
Pray to God that that this doesn't become the X FactorWinners song....