I think we "laughed in the sunshine" before his love lapsed.
Otherwise I agree with the first verse and the chorus.

But then he cast eyes on another
With lips like the tips of the red Judas tree.
A spell settled over the valley
She took my beloved from me.

Chorus

Oh when it grows warm in the Summer
Still I will tremble while we are apart.
If she comes back to my valley
Let her remember he's mine