Bhashya
किञ्च स्वप्नान्ते स्वप्नस्थाने, उच्चावचम्- उच्चं देवादिभावम् अवचं तिर्यगादिभावं निकृष्टम् तदुच्चावचम्, ईयमानः गम्यमानः प्राप्नुवन्, रूपाणि, देवः द्योतनावान्, कुरुते निर्वर्तयति वासनारूपाणि बहूनि असंख्येयानि ।उत अपि, स्त्रीभिः सह मोदमान इव, जक्षदिव हसन्निव वयस्यैः, उत इव अपि भयानि- बिभेति एभ्य इति भयानि सिंहव्याघ्रादीनि, पश्यन्निव ॥
In plain words
Moreover, 'in the dream' means: while he is in that dream-state. 'High and low' means: 'high' is being born as a god and beings like that; 'low' is the base state of an animal and creatures like that — together, the whole range from high to low. 'Moving about' means passing from one such state to the next. As for 'forms' — 'the shining one' is the self, radiant with its own light, and 'makes' means it brings into being countless shapes, each one woven out of a buried impression. Now he seems to revel with women; now he seems to laugh — that is what 'jakṣat' means — with his friends; and now he seems to see 'fears': things a person is afraid of, which is exactly why they are called fears, creatures like lions and tigers.
Close to the Sanskrit
Moreover, 'in the dream-state' means in the condition of dream. 'High and low': 'high' means the state of a god and the like, 'low' means the base state of an animal and the like — that is 'high and low.' 'Moving about' means being made to go, i.e. passing through one state after another. 'Forms' — 'the shining one' means the one endowed with light; 'makes' means brings into being many, that is, countless, forms in the shape of latent impressions. And also, as if delighting with women, as if 'jakṣat', that is, laughing, with his companions; and as if also seeing 'fears' — one is afraid of these, hence they are called 'fears,' such as lions and tigers.