Lyric discussion by =Filth= 

Cover art for Spieluhr (English) lyrics by Rammstein

ladyMage is right about one thing it is sung like till is telling a story, i think that was intended cos "Hoppe hoppe Reiter" which is the "up and down rider" is from a german kids song:

Up and down, rider if he falls, then he cries out up and down, rider if he falls, then he cries out if he falls into the marsh then the rider makes a plop Up and down, rider if he falls, then he cries out if he falls onto the rocks then his legs cause him pain if he falls in the marsh then the rider makes a plop

Up and down, rider if he falls, then he cries out if he falls into the ditch then the ravens devour him if he falls in the marsh then the rider makes a plop

that is an english translation of the kids song.