[1] The Practical Sanskrit-English Dictionary (Revised Enlarged Edition)
by Vaman Shivram Apte, Motilal Banarsidass Publishers
[2] Aruna Sayeeram's rendition
[3] lyrics
[4] lyrics
[5] A Sanskrit English Dictionary, M. Monier-Williams, Motilal Banarsidass Publishers
Composer : Ootthukkadu Venkata Kavi/Subbaiyer (OVS)
Ragam : Neelambari; Talam : Adi (0.5 after eDuppu - that is filled by 'gaNa' and 'nava' in Anupallavi and Charanam)

Since this poem is descriptive of the Rajagopala murthy in the temple at Mannargudi, the words can be appreciated by looking at the pictures like

P. maNi-nUpura-dhAri rAjagOpAla ka~NkaNa-ki~NkiNi-gaNa

A. maNi-gOmEdaka-lOhitaka-nIla-
   mudira-samakara-kaLEbara ki~NkiNi-gaNa- 

C. malayaja-ra~njana-yakSha-kardama-
   tilaka-makarika sugandha-vilEpana
   mAlatimAla suvarNa-kapOla 
   lAlita-gOpa gOpIjana-lOla 
   kALi~Nga-lIla karuNAlavAla nava-

OVS extols Lord Rajagopala of Mannargudi with various monikers; 
They occur in "invocative case" (sambOdhana). For example, Lord Krishna in 
Mannargudi is named "rAjagOpAlaH" and when you invoke/call him, you would say 

P. O One who is wearing gem-studded anklets around the feet, collections of 
   tinkling ornaments and bracelts on the arm, Rajagopala! 
A. O One 
   - who is wearing a set of pearls like Gomedaka, red ruby, blackish emerald 
     and Lapis Lazuli
   - whose tresses and radiant crown are enrapturing (the devotees)
   - whose body is of the colour of the clouds
C. O One 
   - whose fragrance is replenished (after the bath) by applying unguents 
     like reddish sandalwood mixed with fragrant ointments and perfumes like 
     Yakshakardama and Varnaka,
   - who is donning the excellent Makarika head-dress,
   - who is smeared with fragrant perfumes,
   - whose brilliance is manifested in all the three worlds,
   - who is the boy whose radiance is like blackish clouds,
   - who has a forehead that is donning a beautiful ornament Lalaama,
   - who is wearing a garland of jasmine blossoms,
   - whose cheeks are shining,
   - who is caressed by cowherdesses,
   - who is the focus of attention of all cowherds,
   - who (vanquished) the snake Kaalinga like child's play,
   - who is the treasure of compassion,

Word-by-word meaning
maNiH = bejewelled, ornamented
nUpuram = anklet on the foot
..dhArI = One who is wearing ..
..dhAri = O One who is wearing ..
rAjagOpAla = O Lord Rajagopala, literally King among cowherds
ka~NkaNa = bracelet on the arm
ki~NkiNi = small bell or tinkling ornament
gana = collection of
gOmedaka = gem brought from Himalaya and Indus, described to be of four 
           colours - white, pale-yellow, red and dark-blue
lOhitaka = reddish ruby
nIla = blackish blue
marakata = emerald
bAla-vAyaja = Lapis Lazuli
              (bAla-sUryaka is another word for this)
jAla = collection of (this can be interpreted in many ways; jAla/jAlaka is 
       also a type of ornament on the head, so jala-makuTa may apply and
       maNi-gomedaka...-manohara could be construed as one compound/samAsa 
       as well; I like treating the samAsa maNi-gomedaka...-jAla separately)
makuTa = crown
virAjita = illuminated
cikura = hair on the head
manOhara = pleasing, charming person
mudira = cloud
samakara = like, similar to
kaLebara = body
malayaja = sandalwood
ra~njana = reddish sandalwood
yakSha-kardama = an ointment consisting of camphor, agallochum (a soft, 
                 resinous wood (Aquilaria Agallocha) of highly aromatic smell, 
                 burnt as a perfume), musk, Kakkola (aromatic seed, resin) 
                 sandal and saffron mixed in equal proportions 
varNaka = a fragrant ointment, unguent, vermilion
mishrita = mixed 
anubOdha = reviving the scent of faded perfumes, replacing them when removed 
           by bathing
tilaka = the best of (could also mean 'on the top')
makarika = type of head-dress (see above pictures to see how it looks)
sugandha = perfume (also sandal)
vilepana = smearing, anointing with unguents
tribhuvana = all three worlds
prakaTita = manifested
pratApa = brilliance, radiance
jaladhara = cloud
nIla = blackish
samadyuti = brilliance like
bAla = child
lalAma = ornament on the forehead
kallOla = joyful
lalita = beautiful, elegant
lalATa = forehead
mAlatiH = jasmine blossoms
mAlA = garland, wreath
mAlatimAlaH = One who is wearing a garland of jasmine blossoms
[Some notes indicate mAlatamAla; This could be interpreted as mAla-tamAla;
mAla = wreath, garland (in a compound, it has the same meaning as mAlA)
tamAla = a tree whose barks are dark (also used to make unguents from the
         juice of the Tamala fruit)
Sp, mAla-tamAla could indicate a person wearing a garland of Tamala flowers
or sticks from Tamala; but, from pictures of Mannargudi Rajagopala, I feel
mAlatimAla is better.]
lAlita = caressed, taken good care of
gOpa = cowherd
gOpIjana = cowherd people
lOla = eagerly desirous of, longing for
kALi~Nga = the snake of the Kalinga place (along the Coromandel Coast) 
lIla = mere sport, child's play
karuNA = mercy, compassion
alavAla = a basin for water at the root of a tree
karuNAlavAlaH = Someone who is a receptacle of mercy for others
nava = nine
navamaNi = nine gems

I do not have a source of the lyrics and since I have not been able to find
many renditions of this song, it is very hard to crosscheck and determine the
accuracy of the lyrics; Shrimati Aruna Sayeeram has learnt this song right from
the Needamangalam family which still treasures most of OVS' compositions, but
even that did not resolve all my doubts. It is certainly not
"marakata-vAla-vAyuja-jAla". I am unclear about
"mAlatamAla" as indicated above. I am not sure why ...mishrita-anubodha is
not sung as "mishritAnubodha" as the lyrics should be. I am not sure how well
"kallOla" fits in the meaning of the compound. Also, I have no idea why the
beautiful "cheNDu" that Rajagopala holds in His right hand is not described.
It is very characteristic of this deity in this kShEtram. It would have been
nice to see the beautiful cows described too. 
If you find any correction/improvement, please get in touch through the link 
at the bottom. There are too many poorly formatted lyrics of this song on the 
net. :-(

Related Sanskrit roots
[mud, 10 U, mOdayati/te, to mix, blend; to purify]
[yakSh, 10 A, yakShayate, to honour, worship; yakShadhUpaH = incense]
[AsamantAt jalalavaM lAti iti AlavAlam (athavA alavAlam)]
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