Lungi Dance is a latest single by Honey Singh and seems he's readily took it out after the rumor that he'd be rapping with SPB for Chennai Express and Shekhar's [of Vishal-Shekhar] denial on the same. As such the single is supposed to be 'A tribute to Rajnikant Ji', some of the lines may even be offensive to South Indians, like Coconut in Lassi, probably not intentionally though. Anyway, here is a translation of the lyrics of the song.

Eer lungi, King Khan
Yo yo honey singh

Moochhon ko thoda round ghumaa ke
Annaa ke jaisaa chashmaa lagaa ke
Coconut mein lassi milaa ke
Aa jao saare mood bana ke..

Turning the mustaches a little round (on corners)
putting on a pair of shades like Anna
[Many senior South Indian stars are called Anna as the word is used to address elder brother in Tamil and most other South Indian languages too.]
Mixing coconut in Lassi,
Come all, in a good mood..

All the Rajni fans (yea), don't miss the chance (yea)
All the Rajni fans (yea), don't miss the chance (who's it)
Lungi dance, lungi dance, lungi dance, lungi dance
Lungi dance, lungi dance..

Jado jawaani badaa jor seeve jaad maa
Main ta Rajini daa fan seeve daad maa

Disco mein jab ye gaana bajegaa
On the floor aana padegaa
Lungi ko uthanaa padegaa
Step kar ke dikhaanaa padegaa

When this song will play in disco
You'll have to come on the floor,
You'll have to pick your lungi up [to dance]
and have to show the dance step..

All the Rajini fans..

Night club mein aayaa main to
Mujh ko rokegaa kaun aur kai ko
Meraa mood main dance karegaa
Kisi kaa daddy se nai daregaa

If I come to the night club,
then who will stop me and why..
If it's my mood to, I'll dance,
I won't be afraid of anyone's dad..

Jisko jo bhi hai karnaa wo kar lo
Idhar hi main hoon khadaa pakad lo
Ghar pe jaa ke tum Google kar lo
Mere baare mein wikipedia pe padh lo

Whoever wants to do whatever, do..
I am here, catch me..
(or) Go home, and Google me,
(or) read about me in Wikipedia..

Lungi dance, lungi dance..

Khaao mujh saa hi khao
O baby, yes I am a dow
Nahin milegaa mujh saa, go find it
Don't angry me, mind it

Eat, eat like me,
O baby, yes I am thick..
You'll not find anyone like me, go find it,
Don't anger me, mind it..

Arey mere jaise dance kis ko aataa hai
Choreographer ko main hi sikhaataa hai
Wo ghar pe aataa hai, mujh se seekh ke jaataa hai
Mujh se seekh ke wo logon ko sikhaataa hai

Who knows a dance like I do,
I teach the choreographer too..
He comes home, learns from me n goes..
Learning from me, he teaches people..

Meraa lungi dance, lungi dance, lungi dance, lungi dance
Lungi dance, lungi dance.....