इमा आपः सर्वेषां भूतानां मध्वा-सामपाँ सर्वाणि भूतानि मधु यश्चाय-मास्वप्सु तेजोमयोऽमृतमयः पुरुषो य-श्चायमध्यात्मँ रैतसस्तेजोमयोऽमृत-मयः पुरुषोऽयमेव स योऽयमात्मेदममृत-मिदं ब्रह्मेदँ सर्वम् ॥ २ ॥
In plain words
These waters are honey to every living thing, and every living thing is honey to these waters. The shining, deathless being who lives in the waters, and the shining, deathless being who lives in your own vital seed -- they are the very same one. This is the Self. This is what never dies. This is Brahman. This is everything.
Close to the Sanskrit
These waters are honey for all beings, and all beings are honey for these waters. And the being who, in these waters, is made of light and made of immortality, and the being who, within the body, belonging to the seed, made of light and made of immortality -- this indeed is that one; this is the Self; this is the immortal; this is Brahman; this is everything.