Li Bai wrote a poem about climbing Mount Tianmu in a dream.
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The mǔ reading is literary. In the Han folk poem about Liu Lanzhi, 公姥 means 'father-in-law and mother-in-law'. It also names 天姥山, the mountain in Li Bai's famous dream poem.
On the right it supplies the sound and the meaning together: 老 gives the lǎo reading and directly evokes an elderly person, here an old woman or grandmother.