Gollum is singing to Bilbo:

The Ring’s the moon
The Ring’s the kingdom come
The Ring’s the flame
The Ring’s Sauron’s will be done
The Ring’s a jewel
A diamond in the rough
But you won’t use it
You’ll just destroy it…

If this is the Ring,
I don’t want to lose it now.
If this is the Ring,
I don’t want it in the flame,
If this is the Ring.

The Ring is true
The Ring’s the rising sun
Sauron’s in bloom
His reign has just begun.
The Ring is proof
Of what can now be done.
But you won’t use it
You’ll take it from me…

If this is the Ring,
I don’t want to lose it now.
If this is the Ring,
I don’t want it in the flame,
If this is the Ring.

It is so pretty, it is so young
It’s making me come undone
At the end of this evening, when your life is done,
It’s coming with me, it’s coming with meeeeeee…

If this is the Ring,
I don’t want to lose it now.
If this is the Ring,
I don’t want it in the flame,
If this is the Ring.

If this is the Ring
I don’t want to lose it now. (I can just bide my time)
If this is the Ring
I don’t want it to go (I just want it by my side)
If this is the Ring.