Here's my best guess:

The sun's going down in the deep blue sea
So close your eyes, go to sleep
I will wrap all the milk stars around you
Dream, and your dreams will come true.

You can ride past the wind as a champion mare
Over the moors, lighter than air
Your can fly to the moon as a great white swan
And back you will be before dawn.

(chorus from another entry, I could only make out the "drinks the tears from your pillow" on my own. )
nightingale's lullaby blend in the wind
nests in your ear, drinks the tears from your pillow,
so sleep now, sweet dreams now.

I may be older but I am not wise
I'm still a child's grownup disguise
And I never can tell you what you want to know
But you will find out as you go.

The sun disappears in the deep blue sea
Your eyes are closed, sleep so deep
The milk stars are wrapped all around you
Dream and your dreams will come true.