Waking up beside someone you love, and noticing how they greet the day, is what the speaker captures here. The speaker adores one small, ordinary moment: the person stirring in the morning, still half caught in a dream, and the first thing they do is smile at the speaker.
The feeling is tender and quietly happy. Nothing dramatic happens, and that is the point. The speaker treasures the unguarded version of the loved one, before the day has asked anything of them. The poem opens without a subject ("Love the / Way you wake"), which makes it sound like a thought slipping out half-formed, a bit like the sleepy state it describes. The short, broken lines and the wide spacing slow the reading down, as if we're watching in the same soft, unhurried way. Ending on the single word "Me" gives the smile a clear target, and lets the speaker feel chosen. The mood is warm, intimate and gentle.