(the Liszt solo piano version) is faithful to the original. If you can play or find the pure piano portion of Schubert's, all the better. Anyway,
Narrator:
Who rides by night through contested land?
It is the Tauren, with calf in hand.
He holds the newbie safe in his arm
From vile Alliance who mean him harm.
Tauren:
My son, what makes you shake so fiercely, head to feet?
Calf:
My father, please, the Erlkonig's leet!
He's back there, prancing, he means us strife!
Tauren:
My son, it's nothing, get a life.
Erlkonig:
My dearest noob, come join our team.
It beats your wildest dreams!
Chromatic flowers bloom by our shores
Among which frolic many elven whores!
Calf:
My father, my father, and do you not hear
Of elvish lands which seem so dear?
Tauren:
Be quiet, be quiet, my calf:
They cannot match Mulgore's beauty by half.
Erlkonig:
My dearest newb, come join my kin -
For surely you must yearn to win!
We rampage Hillsbrad each Friday night,
With swarming and corpse-camps and other delight!
Calf:
My father, my father, and do you not see
Erlkonig's soldiers near that tree?
Tauren:
My son, my son, there's nothing that way
But dying bushes, leafless and gray.
Erlkonig:
I want you, I lust for you, newbie bovine,
But if you reject me, your ass is mine!
Calf:
My father, my father, we truly must scram -
Erlkonig owns me with Moonfire spam!
Narrator:
The Tauren shudders - and spurs on his beast;
He prays the newbie is not yet deceased.
And then he starts to curse himself:
His son had logged off to play Night Elf.
edit: the original is
here just in case.