"the lady loves her will." But who doesn't?
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Re:"the carll lovyt hys byll"

I looked up 'byll' in my big dictionary but didn't find it.

Under 'bill' I found two possible meanings that would fit this poem.

bill - a pickax or mattock
bill - a billhook (for pruning or cutting branches)

(A bill could also be a broadsword, but a carll would not own a sword.)

The translator said 'carll' means 'churl', but that is not strictly accurate. Today a churl is a bad man, coarse and mean; in the 1300's, a carll was merely a commoner, probably a laborer.

The names Carl and Charles come from carll.