Paint the town red

Two weeks ago, I had a big party. Even though I passed out early, I had a good time. I painted the town red. I think we all know the phrase "paint the town red, "which means to celebrate in a wild way. However, do you know the phrase come from? I was curious about that, so I looked up on the Internet. Unfortunately, I couldn’t find it, but there were two theories. Also, the scholars don't know why or how the expression was invented. Anyway, the phrase was born in the old west.
One theory suggests the "red" in this expression came from the fires, which blazed in frontier settlements after an Indian attack. Another suggests that the phrase was coined when the white people attacked and burned the Indian villages. These two theories were all I could find it. If someone knows this phrase come from, let me know, and let’s paint the town red again.