The lyrics as I learned them are slightly different, but the same general idea:

There is a fountain
In a valley
By a big oak tree
And by that fountain
In the valley
My love first told me:

(chorus)
There's a web like a spider's web
Made of silver light and shadow
That I weave in my room each night
It's a web made to catch a dream
And hold it there until I waken
There to tell me, my dream is all right

I met a stranger
His name was Danger
We traveled side by side
But then in Santa Fe
I shot a man one day
And I had to ride

And if they catch me
They will hang me
From the big oak tree
Down in the valley
By the fountain
Where my love told me:

(Chorus)