These twelve measures repeat, but the second half of the song is sung as a round so that these three lines are sung simultaneously among three voices.
As formatted in the liner notes, the lyrics are:
By the waters
The waters of Babylon
We lay down and wept
And wept for thee, Zion
We remember... Thee
Remember... Thee
Remember... Thee
Zion
In the liner notes, McLean comments that "the song was created in the Warsaw ghetto in the 1930s, and it was taken from one of the Psalms in the Bible." About two years ago, I discovered that it's Psalm 137:1: "By the waters of Babylon, there we sat down and wept, when we remembered Zion."