Cosmo's Foggy Cosmic Breakdown
The song was composed as a MIDI file in Sequencer Plus Gold and then rearranged for IMF. Unfortunately, in the conversion process, the quality of the banjo sound was greatly reduced. Luckily, Bobby Prince released the original higher-quality MIDI file which can be downloaded in the game rip. It is also where the full title comes from. The type-0 IMF file is named MBanjo.mni in the Cosmo2.vol file, which is where the title comes from.
Bobby Prince had this to say about the song:
The song is played in E2L11 and E2L12.