Opinions/Theories about the Nature and State of Bomadil (Tom)

[Radagast]

I did a search on this and it returned nothing and I noticed that most of the posts on LotR Books don't seem to be discussing much to do with the actual books (no criticism intended there).
So, I started this to hear the many varying opinions that my fellow Mooters may hold on the enigma of Tom Bombadil. Bring forth your obscure theories!

Okay, to get the ball rolling here's my thoughts on old Tom.

Tom is one of the oldest if not the oldest on Middle Earth. Tom remarks:

'But you are young and I am old. Eldest, that's what I am. Mark my words, my young friends: Tom was here before the river and the trees; Tom remembers the first raindrop and the first acorn, He made paths before the Big People and saw the Little People arriving. He was here before the kings and graves and barrow-wights. When the Elves passed westward Tom was here already, before the seas were bent. He knew the dark under the stars when it was fearless- before the Dark Lord came from Outside.'

Tom is called Iarwain Ben-adar which means "old and without father" by the Elves.
'Without father' rules out the possibility of him being mortal and he is certainly not an elf. Seeing things as early as he did (acorn raindrop etc) probably implies that he was present at the creation of the world or was himself, one of the first things to be created.
Which opens up the possibility that Tom may be a Maia, of course it also opens the possibility of him being a Valar but that is also extremely unlikely from reading the Silmarillion.

Those are my thoughts so far but no doubt I'll be enlightened as to what other Mooters think?