My German isn't good enough for me to actually attempt to translate, but it's a simple rhyme about polar bear Knut the orphan's daily activities and mischiefs (playing, getting dirty, going to sleep, etc.) and about how lovable and famous he is (that's very very very famous, especially in Germany, of course).

^Yep, I figured. From the looks of it, he is a national treasure, and the song was written just for him. Toooo cute!

"The celebration of the cub's first birthday, which was attended by hundreds of children, was broadcast live on German television. The national mint also issued 25,000 special commemorative silver coins to mark his birthday."

That's one famous bear alright.

Sad news: his caretaker Thomas Dörflein was found dead in his apartment today R.I.P.

http://www.dwigger.com/msg/RIP-Thomas-Drflein-The-caretaker-of-the-little-Polar-Bear

Hey, just saw now that you asked for a translation, so despite the sad news about Thomas here it is: (Makes more sense in german of course

"Knut is a cuddly bear, but he doesn´t have a mom any more.
Despite that he is cheeky and happy, and he is the star at the zoo.

Little varmint in white, with four cuddly paws.
Everyone loves Knut, it is great to have you here.

Knut, Knut, little polar bear from the zoo
Knut, Knut, you are feeling great

Knut you are a cuddly bear, become cuter all the time,
You can walk quite well now, keep going dont be afraid.

Feeding bottle in your mouth, drink up, thats good for you
After that you have to go to sleep, little Knut sleep well.

Knut, Knut, little polar bear from the zoo
Knut, Knut, you are feeling great

Knut you cute cuddle bear, it´s not hard to like you.
When petting your belly, you are happy.

Your little teeth are still small, you have to get a strong bite,
So you become big and strong of course.

Knut, Knut, little polar bear from the zoo
Knut, Knut, you are feeling great
Knut, Knut, little polar bear from the zoo
Knut, Knut, you are feeling great"