Apparently this is a bonus track on the Japanese CD release of Postcards…
It´s not the live version found on YouTube but a studio version (2:31 min).
The 2 versions of "Waves Of Love" are the iTunes/amazon download version and a hitherto unheard third one. The "saxophone" version is not on it.
Do you actually have the Japanese release? If so, how is the third version?
Yes, I have. It´s based on the download version with less/other overdubs. I have yet to make an accurate A/B comparison.
I'm not gonna lie, I'm totally confused as to why there are three commercially released versions of "Waves of Love". I personally really like the version on the US CD, also known as the "saxophone version", but I'm not sure we really need all three versions out there. I know Al isn't a very prolific writer, but he probably has at least a few other songs recorded that he could probably release right now as is, such as "Islands in the Sun".
I also don't know why "Waves of Love" is relegated to "bonus track" status and not part of the album proper, as it is pretty much better than everything on the whole album, and it's actually written by Al!