It's an interesting story, which was why I asked. According to Tom Stewart's books, the original was a wet fly pattern, called the yellow owl. This is the original..
It was tied to represent an adult insect - as many wet flies were. The adult was a sedge (or possibly an aquatic moth) that hatched on Loch Leven. The original dressing used barn owl secondaries for the wings, and an old name for the barn owl was the yellow owl... hence the name of the fly. (I tied that one with tawny owl, as I do not have a pair of barn owl wings.)
Now, somewhere down through history it seems that the name transferred from the sedge/moth to a large buzzer that hatched in big numbers on Loch Leven. The buzzer became known as the yellow owl. I don't know who first tied a shuttlecock to imitate the hatching buzzer and gave it the black and yellow-striped body of the wet fly pattern, but it certainly took-off big time, such that the original wet fly is now consigned to the history books.
Col