The speaker watches someone more outgoing and socially at ease, and the feelings are tangled. At the start of summer, the speaker feels like an outsider among this person's friends, even after years of being around. Months later, they meet again in the same spot, and that same warm smile both charms and irritates them. Even a story picked up online sounds wonderful when this person tells it, which only deepens the speaker's sense of distance.
What began as fascination turns into jealousy, and the person even drifts into the speaker's half-asleep thoughts. By the end, the speaker settles on a comparison: this person is like honey, sweet and bright enough to turn a grey day into a rainbow. The last line, "If we were one, I couldn't feel low," reveals longing as much as envy. The mood is wistful and a little bitter, but softened by real admiration, and the rhymed couplets give it a light, almost sing-song feel.