Watch the Strategy 3: Think About Shape online guitar lesson by Jon Herington from Ear IQ: Soloing Strategies
The song has a lot of dynamic contrast - the verse sections are quiet, and I speak the lyrics on the verses instead of singing, then the choruses get bigger and I sing. It's a design I always liked, from the Stones' "Faraway Eyes" and Harry Nilsson's "Joy", and a classic country design, of course.
The solo happens over the chorus changes, so it's big, and since the song is sort of a joke, lyrically, it seemed to call for a pretty aggressive, over the top approach - it's sort of a tongue in cheek macho chest beater, I think. A lot of the same stuff applies here, like attention to the juicy sounding chord tones, and outlining the harmony with the lines I play. But in this case, I'd like you to listen to the overall shape of the solo. Think of it like a graph or a drawing of a skyline or something. Listen for the peaks and the valleys, and pay attention to the highs and lows over the course of the solo.