“Jeg Saler Min Ganger” was composed specifically for “Loki” by Erlend O. Nødtvedt and Benedicte Maurseth.
In an interview with Bergens Tidende, Nødtvedt revealed that there are actually four verses to the song, and he also translated into English the lyrics we did hear:
In storm-blackened mountains I wander alone
Across glaciers I travel forth
In the apple orchard the fair maiden stands
And sings, ‘When will you come home?’
When she sings, she sings, ‘Come home.’
These lyrics speak pretty specifically to all those depressing adventures that this Loki variant has yet to experience. “Storm-blackened mountains” is a pretty apt description of Svartalfheim, where the Dark Elves from “Thor: The Dark World” hail from.
And those “glaciers” one might travel forth from could very easily be the icy world of Jotunheim, home of the Frost Giants — aka the world, Loki is originally from.
Then there’s the fair maiden; sure, we know that Loki is a sweet, chaotic bisexual who’s dated princesses and princes both, but none were ever home to him.
Loki does speak at length with Sylvie about Frigga, though — the woman who taught him magic, taught him to be powerful, and the only person who ever truly seemed to feel like home to Loki.
But Frigga is dead; so is the original Loki and so is Asgard. There is no one singing this Loki home. And if you manage to live long enough, the one thing you learn for sure is this: no one can ever truly go home again — and arguably no one in the MCU knows that quite like Loki.