I have tried Google and Mudcat's super search for the lyrics to this songs without success. Although I did find an English translation from the Spanish chorus, which is:

Some have islands in the sky,
Some have islands in the sea,
But my island's always here,
And my dream is to be free,
Sail away, boys, sail away.

According to Clancy's jacket notes, the song is credited to Doug Lapham. If anyone can help on this, I'd appreciate it.

Thanks,
Robby