So glad someone else still remembers this song.

Funny how many slight variations of lyrics to a given song there can be, though...

This song is one of my four-and-a-half-year-old son's favorites right now. I sing the chorus and make up "happy thought" lyrics related to things he likes to do for the verses (because the verses I remember were too scary or at least irrelevant for a four-year-old)... I especially use this when he's awakened in the middle of the night from a "nightmare" of sorts, is having trouble falling asleep, or just requests it on a whim. It's his "happy thoughts song."

Our version of the chorus:
There's a web like a spider's web, made of silk and light in shadow;
Spun by the moon in my room at night.
It's a web made to catch a dream, hold it tight 'til I awaken,
as if to tell me the dream is all right.

And I can only remember one verse as I learned it at camp anymore:
I met a stranger, his name was Danger; we rode side by side.
Down in Santa Fe, he killed a man they say, Danger told me to ride...

There's another verse about sitting under a tree or something, but I can't remember it.

An example of some made-up "happyt thoughts" verses our son likes:
In the summer, we go to the beach, and we have some fun.
I like to play, with my cousins, in the water and sand...

We love the zoo, all of the animals; when they jump and play, it's a sight.
The aye-ayes and bush babies like the dark, dark room of night....

So, the versions are endless... "sing me one about my play date with Owen... how 'bout my swimming lessons... our trip to the aquarium"... anything at all. It's fun.