Lyrics:

Let my inspiration flow, in token rhyme suggesting rhythm
That will not forsake me, till my tale is told and done
While the fire lights aglow, strange shadows from the flames will grow
Till things we've never seen will seem familiar

Shadows of a sailor forming winds both foul and fair, all swarm
Down in Carlisle he loved a lady many years ago
Here beside him stands a man, a soldier by the looks of him, (note 1)
Who came through many fights, but lost at love

While the story teller speaks, a door within the fire creaks, (note 2)
Suddenly flies open, and a girl is standing there
Eyes alight, with glowing hair, all that fancy paints as fair
She takes her fan and throws it in the lion's den (note 3)

Which of you to gain me, tell, will risk uncertain pains of hell?
I will not forgive you if you will not take the chance
The sailor gave at least a try; the soldier, being much too wise,
Strategy was his strength, and not disaster

The sailor, coming out again, the lady fairly leapt at him
That's how it stands today. You decide if he was wise (note 4)
The story teller makes no choice, soon you will not hear his voice
His job is to shed light, and not to master

Since the end is never told we paid the teller off in gold
In hopes he will come back, but he cannot be bought or sold

Notes
(1) these are the lyrics as published by Hunter, but both he and Garcia sing 'a soldier from the looks of him'
(2) on at least one occasion (18 March 1977), Jerry very deliberately sang '... a wall within the fire creaks.' (thanks to AshesRising for pointing this out)
(3) see Lady Of Carlisle for the origins of the story of a lady throwing her fan into the lion's den.
(4) this is what Hunter published and what Garcia sang, but Hunter himself sang 'that's where it stands today'