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Is it

The water cycle?

I go round and round

It does

and rise above the ground

The cloud stage

My head’s nothing but air

The 'head' is the top which is the clouds which are composed of air and water

& lets anything fair

Not sure if this is a clue?

To make some gay

Not sureWhen it rains it can create rainbows, which as @Will points out is the sign of gay pride

and others flay.

Rocks weathering and being eroded, being 'flayed'

Is it

The water cycle?

I go round and round

It does

and rise above the ground

The cloud stage

My head’s nothing but air

The 'head' is the top which is the clouds which are composed of air and water

& lets anything fair

To make some gay

Not sure

and others flay.

Rocks weathering and being eroded, being 'flayed'

Is it

The water cycle?

I go round and round

It does

and rise above the ground

The cloud stage

My head’s nothing but air

The 'head' is the top which is the clouds which are composed of air and water

& lets anything fair

Not sure if this is a clue?

To make some gay

When it rains it can create rainbows, which as @Will points out is the sign of gay pride

and others flay.

Rocks weathering and being eroded, being 'flayed'

1
source | link

Is it

The water cycle?

I go round and round

It does

and rise above the ground

The cloud stage

My head’s nothing but air

The 'head' is the top which is the clouds which are composed of air and water

& lets anything fair

To make some gay

Not sure

and others flay.

Rocks weathering and being eroded, being 'flayed'