Lyrics: Robert Hunter
Music: Bill Payne
This response by Bill Payne in an interview with Blair Jackson makes it sounds as if this is the title of a Payne/Hunter song. I haven't found any indication that it has yet been played by Little Feat:
"Originally, Robert sent some lyrics which Paul and I both looked at, and I think Paul sent him some music and wanted to make a few changes with Hunter’s lyrics, which [Hunter] was not agreeable to. So that didn’t work out. Then I wrote this one song, “What Are You Waiting For,” and it turned out pretty cool, so Hunter and I were off and running. That one’s not on the record. 'Rooster Rag' was one of the first ones that came down the pike."