Towards the Noel that morte saison
(Christ make the shepherds' homage dear!)
Then when the grey wolves everychone
Drink of the winds their chill small-beer
And lap o' the snows food's gueredon
Then makyth my heart his yule-tide cheer
(Skoal! with the dregs if the clear be gone!)
Wineing the ghosts of yester-year.
Ask ye what ghost I dream upon?
(What of the magians' scented gear?)
Skoal is a drinking toast, like ‘Cheers’ or ‘Salute’. 
 
 The speaker is happy to toast with the dregs, if the best of the booze is gone.