This is my version. When I sing it, the ending of the third line in every non-chorus verse is stressed and the fourth is pronounced quicker.
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Spider's Web

Down in the valley,
There's a mission
By the old oak tree
By the mission,
There's a fountain
Where my love told me:

There's a web like a spider's web
Made of silk and light and 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 my dream is all right

On the evening
I was leaving
My love dreamt of me
I was sleeping,
She was weeping
So she said to me:

There's a web like a spider's web
Made of silver light and shadows
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 my dream is all right

I met a stranger,
His name was Danger
We rode side by side
Down in Santa Fe,
I killed a man they say
Danger told me, "Ride!"

There's a web like a spider's web
Made of silver light and shadows
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 my dream is all right

And now if I return,
They will hang me
From the old oak tree
By the mission,
Near by the fountain
Where my love told me:

There's a web like a spider's web
Made of silk and light and shadow
Spun by the moon in my room at night
It's a web made to catch your dreams
Hold it tight 'til I awaken
As if to tell me that my dreamin's all right