Thanks so much, Joe. I tried Google translation tools, but some words weren't translated, some translated to words I don't think are English, and much of what was left is incomprehensible to me! What you've done above is making more sense of it than I've been able to make till now. Some of it is still a mystery. What are depressed slips? What do the second and third verses mean?

The context of the song is reminiscent of the ecclesiastical medieval Feast of Fools. In 15th century Kraków, every year for 7 days from the 15th of October, students took over the running of the university. They elected a student king, who made rules for the week. They missed lectures and indulged in a week-long party. When the week was over, the 'king' was held responsible for all misdeeds and excesses and punished by the university, which doesn't seem like a good deal to me!

The story of the manuscript, PL-Wn MS III.8054, previously Krasinski 52, colloquially known as Kras 52, now in the Polish National Library in Warsaw, is quite a tale. Krasiński Library, Warsaw, where it was previously kept, was set alight by the Nazis in 1944. The manuscript only survived because it was stolen by one of the Nazi soldiers. It was only returned to Poland and seen for what it is after it ended up in Munich Library then spotted in 1948 by a Polish scholar who wasn't looking for it but recognised what it was.   

I look forward to seeing your progress over the next few days, and thank you so much.