The speaker wishes to be Alice, tumbling out of ordinary life and into a world of the imagination. Wonderland here is less a place of whimsy than a refuge. The speaker admits that their own mind is "haunted," so escaping into it might be pointless, yet the pull toward Wonderland stays strong. Following a white rabbit "hand in hand" suggests they want company too, not just flight.
The final lines say the most. If the choice were theirs, the speaker would never come back, because Wonderland feels like water and the real world feels like burning. That contrast of cooling and scorching makes everyday life sound painful, something to be endured. The mood is wistful and tired, with a quiet ache underneath. The short, plain lines and simple rhymes read like a confession, as though the speaker is saying something they rarely say aloud. The childlike fantasy gives the poem its sweetness, while the sadness behind it is what lingers.