। ॥
In plain words
O auspicious Kāmakoṭi, with the reddish corner of your tender eye, a mine of compassion that guards devotees' minds against the arrow of the flower-bowed god, dry up my ocean of grief.
Word for word
By the arrow of the flower-bowed made-protection of devotee-minds, compassion-mine, with the corner of the tender-eyed your, Kāmakoṭi, with the red, dry up, Śivā, my grief-ocean.