I'm afraid Judy Henske's diction isn't very good. I hear "soy libre, soy dueño," and that's about it, with lots of "la-la's."
The qalbum, Dave Guard and the Whiskeyhill Singers came out in April, 1964. The quarted included Dave Guard, Cyrus Faryar, David "Buck" Wheat, and Judy Henske. Faryar was an old high school friend of Guard, and standup bassist Wheat had been an accompanist for the Kingston Trio.
But no, I can't figure out the lyrics. I listened three times. the notes don't say much, other than it's a traditional bahuala from the Argentine Andes.
-Joe Offer-