Well, after all this time, I found an English translation of the song in a CD booklet. If anybody would like to transcribe the Yiddish from the recording, click on my name below and send me e-mail, and I'll send you a RealAudio recording of the song.
-Joe Offer (click to e-mail)-
I have a possible e-mail address for the requester - I'll try to send the information to him.

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OY MAME, BIN IKH FARLIBT
(Oh, Mother, Am I in Love!)
(Abraham Ellstein - translation by Shirim Klezmer Orchestra)

(Spoken) Daughter: Oh Mom, I feel hot!
Mother:(Do you have a fever?)
No, oh Mom, now I'm cold!
(Are you sick?)
No. Oh Mom, I'm in love!
(In love? Better to be sick.)

When he's inspired and playing
A pretty, heartfelt Yiddish song on his fiddle
Oh Mom, I feel so good!
His gorgeous black eyes drew me to him,
Oh Mom, I feel so wonderfully good!

And when he says "Hey you girl,
You are so sweet and gentle,"
And his playing reaches into my heart,
I feel like dancing, feel like singing,
Oh my, I'm going crazy!
I can't live without him.

Oh Mom, am I in love!
(Don't be silly, daughter.)
Oh Mom, am I in love!
(Don't bother me.)
A young musician, dear mother, is constantly in my thoughts,
(Oh my!)
I laugh and cry and don't even know what world I'm in!
(All is lost.)

Oh Mom, am I in love!
(You will have a hard life.)
Oh Mom, am I in love!
(You will always be poor.)
I could grab hold of the whole wide world
(He'll drag you all over the world...)
And hold it close to me
(...and make a mess out of you.)
Oh Mom, am I in love!
(Oh daughter, you are in love.)

Oh Mom, am I in love!
(What will your Father say?)
Oh Mom, am I in love!
(What will the neighbors say?)
A young musician, dear mother, is constantly in my thoughts.
(This is terrible!)
I laugh and cry and don't even know what world I'm in!
(All is lost.)

Oh Mom, am I in love!
(Nothing can be done.)
Oh Mom, am I in love!
(There's no one to talk to here.)
I could grab hold of the whole wide world
(We must prepare the dowry, invite the guests,)
And hold it close to me
(And set up the wedding canopy.)
Oh Mom, am I in love!
(Oh daughter, you are in love!)

(The mother's answers, in parentheses, are spoken or half-sung, and don't appear to be part of the original song.)