Taking some translations from the original Renai Circulation:
! One, two…
But that's no good.
Look, it won't work.
Gomu Gomu will keep on evolving, more and more.
! "Straw Hat Circulation"
Lyrics by Kanipan
! If I'll lose strength in water,
I might as well lose blood.
Don't you think so? All dried up?
But wait. Something's not right.
A journey over a thousand seas starts with a single step.
So I'll move on with stretching like rubber.
I can't fight if I'm hungry!
"You got any food!? I'm dying here!"
! Flutter, fluttering, flutter, fluttering.
Breathing freely, I can fly over anywhere.
Flutter, fluttering, flutter, fluttering.
With everyone's smiles, I can become strong.
! Eneru that bastard,
Even if it was just a quirk of fate,
Our fight made me feel great! "Eh?"
! But that's no good.
Look, it won't work.
Gomu Gomu will keep on evolving, more and more.
Yup, I don't want it like this.
Hey, this isn't enough.
I've seen myself already. Gear Second!
! The New World's where pirates are bound,
But the Straw Hat Pirates haven't made their grand entrance yet.
Now on this same battlefield with these Marine powers,
"Sengoku the Buddha!" "Borsalino!"
"Might is everything!" - Doflamingo!
! Kura-kurari, kura-kuraru*
Caught by Kizaru, dazzling light passing by. "Ugh!"
Kura-kuraru, kura-kurari*
It looks like this could be Luffy's end. "Hancock!"
! I didn't pray to God, and against that master swordsmanship, **
I can't deal with Hawkeyes now.
! The season of the journey, Straw Hat Circulation.
The feeling of the journey, Straw Hat Circulation.
The eye of the journey, Straw Hat Circulation.
The man of the journey, Straw Hat Circulation.
! Flutter, fluttering, fluttering, flutter.
Breathing freely, I can fly over anywhere.
Flutter, fluttering, fluttering, flutter.
With everyone's smiles, I can become strong.
! Eneru that bastard,
Even if it was just a quirk of fate,
Our fight made me feel great! "Eh?"
! But that's no good.
Look, it won't work.
Gomu Gomu will keep on evolving, more and more.
Yup, I don't want it like this.
Hey, this isn't enough.
I've seen myself already, on and on.
! *untranslated, as I'm not sure what it's referring to
**approximate translation
This took a lot longer than expected, probably because I was trying to multi-task a lot of things. I only did this because I was curious, and the song is catchy.