The accent makes it difficult to understand. It probably should be:
баю баюшки баю
не ложися на краю (Don't lie close to the bed edge.)
баю баюшки баю
волки воют на луну (Wolves howl at the moon.)
баю баюшки баю
волки воют на луну (Wolves howl at the moon.)
баю баюшки бай-бай
поскорее засыпай (Hurry to fall asleep.)