(Here's a version that's not been run through a translator ... but it's pretty much word for word. I left out "pink lace" when describing curtains to shorten up the line a bit. I tried matching each line in english to each line in spanish, syllable for syllable, hoping that it could be sung more or less in the same meter. I assume this is what you were trying to achieve. In some cases the number of syllables per line couldn't be matched from english to spanish)

Quien es este mago, trae suenos de arco iris,
Tira sombras por las cortinas sobre el piso,
Quien es este mago, trae tantos amantes,
Flores para tu pelo, espinas en mi piso.

Si, me diras, secreto olvidado,
Pero tu, estas mudo, y no puedo ver,
Si, me diras, secreto olvidado,
La puerta abre, lo que era no hay

Toma mi mano, al lugar de la noche
Donde las sombras encuentran la manana
Tome mi mano, enseneme donde fue
Abre tu corazon, ensename el sueno

...and here's how it translates:

Who is this magician, he brings rainbow dreams,
He throws shadows through the curtains onto the floor
Who is this magician, he brings so many lovers
Flowers for your hair, thorns on my floor

Yes, you will tell me, a forgotten secret
But you, you are mute, and I can't see
Yes, you will tell me, a forgotten secret
The door opens, what was is not there

Take my hand, to the place in the night
Where the shadows meet the morning
Take my hand, show me where you went
Open your heart, show me the dream