I do not really understand Punjabi so google helped me with this. This song has always calmed me down even though I never knew the meaning. Today I finally looked it up. There were 1000 articles and more on the internet which gave the meaning, but I wanted to write it down and never forget. And yes, the prayer is still on repeat play.

(Some info – it is a part of Mool Mantar which is said to be the most important concept in ‘Guru Granth Sahib ji’ and is the basis of Sikh theology.)

Ik Onkara Sat Naam ( Mool Mantar) ik onkaar sat naam kartaa purakh nirbh-a-o nirvair akaal moorat ajoonee saibhn gur parsaad

There is only one God. His Name is the only Truth. His personality is the most Creative. His form is the only Immortal thing. He is without Fear or Enmity. He is unborn and self-illuminated. He can be obtained by Guru’s grace. 

Jap.
Embrace His meditation.

Aad sach jugaad sach.
True in the prime, True in the beginning of ages,

Hai bhee sach naanak hosee bhee sach.
True He is even now and True He verily, shall be, O Nanak!

Sochai soch naa hov-a-ee jay sochee lakh vaar.
By pondering on God, man cannot have a conception of Him, even though he may ponder over lacs of times.

Chupai chup naa hov-a-ee jay laa-i rahaa liv taar.
Even though one be silent and remains absorbed in Lord’s constant love he obtains not mind’s silence.

Bhukhi-aa bhukh naa utree jay bannaa puree-aa bhaar.
The hunger of the hungry departs not, even though they may pile up loads of the world’s valuables.

Sehas si-aanpaa lakh hoh taa ik naa chalai naal.
Man may possess thousands and lacs of wits, but not even one (goes with him) avails him in the Lord’s court.

Kiv sachi-aaraa ho-ee-ai kiv koorhai tutai paal.
How can we be true and how can the screen of untruth be rent?

Hukam rajaa-ee chalnaa naanak likhi-aa naal.
O Nanak! By obeying, the pre-ordained order of the Lord’s will.

See the video :  Ik Onkar

Source : http://tigershetty.wordpress.com/tag/ik-onkar-english-translation/