Very good.
2nd verse, last line, I would invert.
I would use pierce rather than permeate, but this is a matter of choice; and banishes rather than dispels.
Wunder(bar) has the definition miraculous, and I would use that sense here. I would leave the allzumal as understood.

2
The sweet ray of your light banishes death
and miraculously renews life
O how blessedly and purely it pierces me with sweet radiance
and the sweet gleam of your light banishes dark torment.