This is the famous lullaby which was written by Johannes Brahms. This particular arrangement is from the first musicbox roll I ever bought, 25 years ago.

the text in German is:
Guten Abend, gut' Nacht,
mit Rosen bedacht,
mit Näglein besteckt,
schlupf' unter die Deck':
Morgen früh, wenn Gott will,
wirst du wieder geweckt.

English text that goes well with the song:

Lullaby and goodnight,
draped in roses and starlight
Robed in comfort from above,
Rest thy darling clothed in love!
Close thy eyes, now and sleep,
May the lord his watch keep.
Close thy eyes, now and sleep,
May the lord his watch keep.