I don't think it is Jewish. I agree with your translation, which does suggest an ornamental name, but I've yet to find a Jewish connection. I suppose you are aware of the town of Oelwein in the state of Iowa - http://en.wikipedia.org/wiki/Oelwein which takes its name from one Gustav Oelwein, whose parents migrated from Lower Saxony, Germany, in 1835. This was before any large-scale Jewish migration to the US from Central and Eastern Europe. A couple of thoughts: Might it be an Old Germanic given name, something like the Anglo-Saxon Alwin, "noble friend"? This could have been changed over time by folk etymology. A metonymic for someone who dealt in these products? A minor and obscure place-name. I've been on the trail of a Swiss place name, but it might be a false lead.