The ballad is from the 17th century. It appears partly corrupted.
In my source (slenzkir vikivakar og vikivakakvi, lafur Davsson, 1894)
there are ... a couple of times. I take it that the manuscript was unreadable
in those places. 

_Eitt listilegt yngimannskvi a kvea sr til gamans_

Vilag:

 Naumudal lt gullhlas grund
glsta turna sma.
Meykng bar  blmakinn,
meykng bar  blmakinn svo fra.


1. Skatt af rkjum skarlats br
skipai lum gjalda,
langvel kunni lneik s
lgum vi makt a halda.
Misjafnt reyndist mnnum tr,
mki bar [bru] vi fleina fund.
  Naumudal lt gullhlas grund -
Kran tti knglegt b,
og kappa hir svo fra.
 - glsta turna sma.
Jarlar margir frri fr
fylgdu bi t og inn.
 Meykng bar  blmakinn.
Hennar lki' um heiminn n
hittist ekki va.
 Meykng bar  blmakinn svo fra


2. Bnors fkk hn brfin 
bulungs sona' og jarla,
las hn brf og litum br,
lfi stst a varla;
var eim llum vsa fr,
varma hrygar bru lund.
  Naumudal lt gullhlas grund -
Kurteis lt og kyrtla N
um kroppinn suma ha.
 - glsta turna sma.
Kringum skemmu linni l
la sveit ar vakti stinn.
 Meykng bar  blmakinn.
Fornum bkum fannst a ,
fyrar um hana stra.
 Meykng bar  blmakinn svo fra.


3. Fyrir ann spdm orna ll
 lt til sn kalla
fjra dverga' r Fjlnis hll,
fullvel haga alla.
Ljtleg essi tfratrll
tluu margt vi hringa hrund.
  Naumudal lt gullhlas grund -
Hn ba  af handarmjll
herlegt belti' a sna.
- glsta turna sma.
Lobrk .... ttast ll,
eins bar til  etta sinn -
 Meykng bar  blmakinn.
- svo forast gti' hn betur ...,
sem ber sig  a stra.
 Meykng bar  blmakinn svo fra.


4.  einum degi djsnum kldd
drottning sat a tafli,
hirin kom af hlaupum mdd,
hreysti rin afli,
af hafinu sgu eir herskip brdd
hundra sigldu'  eirra fund.
  Naumudal lt gullhlas grund -
Drottning bnar gum gdd
gekk til sinna ta.
- glsta turna sma.
Hn segist aldrei hrygg n hrdd,
hrotta br um lrlegg sinn.
 Meykng bar  blmakinn.
Af ni kvast hn um a frdd:
undir mrgum sva.
 Meykng bar  blmakinn svo fra.


5.  hafnir lagi herinn snar
hrfnum kembings sveita,
tveir fstbrur fylgdust ar.
Frosti' og Jkull heita.
Til meykngs Frosti bnor bar,
brf var skr  samri stund.
  Naumudal lt gullhlas grund -
 ristill leit hva rita var,
reii ar sva.
 - glsta turna sma.
Rekkum sendi raunar svar
refla skorin ung og svinn.
 Meykng bar  blmakinn.
rvarboin upp v skar
um sn rkin va.
 Meykng bar  blmakinn svo fra.


6. Li dreif anga margt sem m,
mki lta syngja,
klfi stls lt klnust v
klukku sinni hringja,
himinn allur skalf og sk,
skiptist va sr  sund.
  Naumudal lt gullhlas grund -
Stundu dvergar steinum ,
steyptust bjrgin va.
 - glsta turna sma.
Lmuust mrar lands um b,
 lur eytti drottning sinn.
 Meykng bar  blmakinn.
Unnarfalda eikin bl
t  vildi ra.
 Meykng bar  blmakinn svo fra.


7. Drottning felldi Dofra kall,
Drtt sem Fal og Sta,
Arngrmssyni og Aga jarl,
Andra, rnd og Ljta.
rinn  haug af vonsku vall,
var  kanna dauastund.
  Naumudal lt gullhlas grund - 
 Harald blta hjrinn skall,
hlaut v bana' a ba.
- glsta turna sma.
Ubba og Hrlfi undin svall;
afgang hrepti Heljarskinn.
 Meykng bar  blmakinn.
Ragnar Lobrk feigarfall
fkk og Bjrn jrnsa.
 Meykng bar  blmakinn svo fra.


8. Hring sem Tryggva' og Hgna ,
Hinn og Starka gamla,
Hjarandasyni felldi' hn fr,
feig m engum hamla;
lt hn Srla' og Gautrek g
gtu mitt  heljar sund.
  Naumudal lt gullhlas grund -
sungs sveinar allir f
af henni dauann stra.
 - glsta turna sma.
Grmi gi me galdra h
grtti' hn mitt  helpyttinn.
 Meykng bar  blmakinn.
Rndlf hj hn rumpinn ,
rann n dreyrinn va.
 Meykng bar  blmakinn svo fra.


9. Eins lt hn og ara j
alvld goin deyja.
Baldur gegnum brandinn ,
bana hlaut drottning Freyja.
Me hnefa laust hn Magna' og M,
mki br  sjlfan und.
  Naumudal lt gullhlas grund -
Heyrnargusins hjartabl,
Heimdalls, rann  va.
 - glsta turna sma.
Hinn mttki r sturlaur st,
stfi hn Frey lka hinn.
 Meykng bar  blmakinn.
Loka segja a letrin fr,
sem lesa m hj honum va.
 Meykng bar  blmakinn svo fra.


10. Brnskjttum rei blakki me 
brar undirtylla.
Hsgangs - Ska hn af r,
vi heiminn skildist illa.
lmur fkk ann afgang s,
eins  svfist feigar blund.
  Naumudal lt gullhlas grund -
ra-Manga banabe
brurin nam a sna.
 - glsta turna sma.
Kempan Skotti kraup  kn,
um kverkar batt hn leium hvinn.
 Meykng bar  blmakinn.
missti Brok fjr og f
og fll  li gra.
 Meykng bar  blmakinn svo fra.


11. Meykng hefi' g frtt a fr,
Frosti hj me teini,
svo drottning settist dentinn ,
drst v hold fr beini.
Fylking hennar fll  str,
fkk ei gri af heinum hund.
  Naumudal lt gullhlas grund -
 stainn Frosti' ei stga m,
v sterkleg varhld pra.
 - glsta turna sma.
ar drottning sjlf  srum l,
skja lt  geldinginn.
 Meykng bar  blmakinn.
Heinir lgu'  hafi 
hernum Snar ska.
 Meykng bar  blmakinn svo fra.


12. Geldingurinn gra kann
gullhlas lindi sra,
um benin dreyrug balsam rann,
brar klippti nra.
egar heilsu holla fann
herr skar upp mektar sprund.
  Naumudal lt gullhlas grund - 
Hertogadmi hn  vann
a heitir njals sveif fra.
 - glsta turna sma.
Ei sr staarins yfirmann,
hj Ara klerk  frsgn finn, -
 Meykng bar  blmakinn.
 - a skatta gjalda skyldi hann
skrungi silkihla.
 Meykng bar  blmakinn svo fra.


13. Minni, hlj og mlskan er 
mrar tjri bundi.
Eg hefi frast efni hr,
yrkishlja fundi.
Vona' eg gu gjaldi mr
gullskor rj  Snar sund.
 -  Naumudal lt gullhlas grund - 
Ljfri j lagfra ber, 
sem lesa  og hla.
 - glsta turna sma.
Um afdrif tru allt hva sker
ekki hrur skrir minn.
 Meykng bar  blmakinn.
Kvsis bli annin ver
 agnar sj m ba.
 Meykng bar  blmakinn svo fra.


_A lovely young man's poem to sing for fun_

Refrain

In Naumudalur the gold-load's ground [woman]
had splendid towers built.
The maiden king had a flowery cheek
the maiden king had a beautiful flowery cheek.

1. The bridge of scarlat [woman] ordered people
to pay taxes from their lands,
that linen-oak [woman] could well
enforce the law.
She was variably faithful to men,
carried a sword at arrow-meetings [battles].
  In Naumudalur the gold-load's ground -
The woman had a royal house,
and a court of fair champions.
  - had splendid towers built.
Many lords followed the fair lady
whether she went out or in.
  The maiden king had a flowery cheek.
Someone similar to her will not be encountered
widely in the world today.
  The maiden king had a beautiful flowery cheek.

2. She received letters of proposal 
from the sons of kings and lords,
she read the letters and her face changed colors,
her body could barely stand it [?];
they were all turned away,
and carried a warm feeling of depression [?].
  In Naumudalur the woman -
The courteous N of robes [woman] 
had some of them flogged.
  - had beautiful towers built.
Around her house lay a worm
a fine troop of men woke there.
  The maiden king had a beautiful cheek,
It is found in old books,
men warred for her.
  The maiden king had a beautiful flowery cheek.

3. Because of that prediction the tree of thorns [woman]
had called to her
four dwarfs from the hall of Fjlnir,
all of them excellent smiths.
Those ugly magical trolls
spoke many things with the 'hrund' of rings [woman - I'm used to 'hrund' meaning woman, though].
  In Naumudalur the gold-load's ground had -
She asked them to make a belt
out of the snow of the hand [gold].
  - splendid towers built.
Everyone fears ... Lobrk,
the same it was this time -
  The maiden king had a flowery cheek
- so she could better avoid ...
who tries to war.
  The maiden king had a beautiful flowery cheek. 

4. On one day, clad with jewelry,
the queen sat playing 'tafl',
the court came, gasping from running,
and exhausted,
they said that from the ocean one hundred tarred ships
were sailing towards them.
  In Naumudalur the gold-load's ground had -
The queen, endowed with the power of prayers
went to her ceremony.
  - splendid towers built.
She says she is never sad nor afraid,
and brings the sword to her leg.
  The maiden king had a beautiful cheek.
She said that inn had told her:
under many a pain.
  The maiden king had a beautiful flowery cheek.

5. Into harbors the quick army laid its
ravens of the blood of Kembingur [ships]
there were two bloodbrothers together,
named Frosti and Jkull.
Frosti carried the proposal to the maiden king,
a letter was immediately recorded.
  In Naumudalur the gold-load's ground had -
When the woman saw what was written
anger coursed through her vains.
  - splendid towers built.
The young and wise fastening of scarfs [woman]
sent an answer of denial to the men.
  The maiden king had a flowery cheek.
Therefore she cut up an arrow message [call to war]
widely over her lands.
  The maiden king had a beautiful flowery cheek.

6. There came forces as many as midges [common expression]
to let swords sing.
The most delicate one had her bell rung
with a clapper of steel.
All the sky and the clouds shook
the sea was widely split into channels.
  In Naumudalur the gold-load's ground had -
Dwarfs groaned in stones,
cliffs collapsed widely.
  - splendid towers built.
The walls of the lands were paralysed about the town of the land [what?],
when the queen blew her horn.
  The maiden king had a flowery cheek.
Then the tender oak of wave's hoods [woman - but a strange kenning]
wanted to go for a ride.
  The maiden king had a beautiful flowery cheek.

7. The queen killed Dofri,
Drttr as well as Falr and Sti
sons of Arngrmr and lord Agi,
Andri, rndr and Ljti.
rinn in the mound swelled with rage
but still he had to meet his hour of death.
  In Naumudalur the gold-load's ground had -
On Haraldr blti the sword fell,
therefore he must be killed.
  - splendid towers built.
The wounds of Ubbi and Hrlfr swelled;
Heljarskinn got the rest.
  The maiden king had a flowery cheek.
Ragnarr Furrypants met the death of a fey man
and Bjrn Ironside.
  The maiden king had a beautiful flowery cheek.

8. Hringr as well as Tryggvi and Hgni then,
Hinn and Starkar the old
sons of Hjarandi she killed,
no one can defeat feydom,
she had Srli and Gautrekr inspect
a street in the middle of Hel's channel.
  In Naumudalur the gold-load's ground had -
The swains of sungr all got
a difficult death from her hands
  - splendid towers built..
Grmr the terrible with his mighty magic
she threw him directly into the pit of death.
  The maiden king had a flowery cheek.
She swung at the arse of Rndolfr,
now the blood flowed widely.
  The maiden king had a beautiful flowery cheek.

9. In the same way as the others
she killed the allmighty gods.
Baldr ran through the sword,
queen Freyja met her death.
With her fist she hit Magni and Mr,
she cut with her sword at inn himself.
  In Naumudalur the gold-load's ground had -
The heartblood of the god of hearing,
Heimdallr, flowed widely then.
  - splendid towers built.
The mighty rr stood there driven mad,
she cut a bit of Freyr and also the other one.
  The maiden king had a flowery cheek.
The learned letters of Loki say so,
as can widely be read with him.
  The maiden king had a beautiful flowery cheek.

10. The servant of the lady rode
a brown mottled horse.
She killed Housewalk-Ski,
he had a difficult time leaving the world.
lmr saw the rest of that,
even though he was put to the sleep of fey.
  In Naumudalur the gold-load's ground had -
The woman cut out a deathbed
for Mangi the mad.
  - splendid towers built.
Skotti the champion bowed on his knee,
she had the disgusting crook hanged.
  The maiden king had a flowery cheek.
Brok lost his fee and his life
and fell in battle.
  The maiden king had a beautiful flowery cheek.

11. I have heard it from the maiden king,
Frosti hewed with a sword,
so that the queen sat on the point
and skin was turned from the bone.
Her ranks were dispersed
and weren't spared by the heathen dog.
  In Naumudalur the gold-load's ground had-
But Frosti couldn't get into the city,
because it was heavily fortified.
  - splendid towers built.
There the queen lay with her wounds
and had her eunuch fetched.
  The maiden king had a flowery cheek.
The heathens then put their ships
back into the sea.
  The maiden king had a beautiful flowery cheek.. 

12. The eunuch could heal
the wounds of the woman.
Of her bloody feet balsam flowed
he clipped the lady's groin.
When she found her health
the mighty woman cut up a war arrow.
  In Naumudalur the gold-load's ground had -
Then she won a dukedom
it is called beautiful njals handle (!?).
  - splendid towers built.
The city's lord swore an oath of loyalty,
from Ari the cleric I got that story, -
  The maiden king had a flowery cheek.
-that he should pay taxes
to the vigorous woman.
  The maiden king had a beautiful flowery cheek.

13. Memory, sound and verbosity
is tied with the bond of praise.
I have found a most learned material
to compose about.
I hope the rosy woman will pay me well
for my poetry.
  In Naumudalur the gold-load's ground had -
The gentle people should fix things
when they read and compose poetry. 
  - splendid towers built.
What the fate of the woman was
my knowledge doesn't explain.
  The maiden king had a flowery cheek.
Thus the poetry must wait
in the pool of silence.
  The maiden king had a beautiful flowery cheek.