I think the lyrics go as follows:

There's love and laughter in the air
It's joyous as can be
Let Christmas light your happy heart
May GE light your tree.

I used to love listening to the commercial as a small kid and even now I still hum it to myself as it reminds me of Christmases past. I think the commercial aired on the radio around 1964 to 1966.

Would you have any idea how one could get a copy of that commercial?