"You Told Me"

When I listened to the super deluxe edition of Headquarters a couple months ago, I felt that there was something ambiguous in the line "All these things you said you said sincerely" in "You Told Me."  I finally sorted out what it is.

The major difference is whether the first "you said" is part of a relative clause or not.  Rephrased in different ways, the line could mean either "All these things, which you said, you said sincerely" or "All these things you claimed that you said sincerely" (uninverted:  "You claimed that you said all these things sincerely").  In the first, the narrator affirms that the things were said sincerely; in the second, he seems dubious of the sincerity.