Is it night or morning now? That's what I'd like to know! Eyelids weighted down with sleep Dare not risk a single peep— I MIGHT see some waking light! Is it morning—or still night?
We've all had that groggy moment of lying in bed, unsure whether it's still night or time to get up. Here the speaker wants to know the answer but won't do the one thing that would tell them: open their eyes. Heavy with sleep, the eyelids "dare not risk a single peep," because even a glimpse of light might mean morning has arrived and the warm drowsiness is over.
The humor is in the contradiction. The speaker asks the question twice, at the start and again at the end, yet is actively avoiding the answer. Capitalizing "MIGHT" makes the fear of waking light sound almost comically dramatic, as if daylight were a threat to be dodged. The short lines and simple rhymes (know/peep, light/night) give the poem a drowsy, sing-song feel, like a muttered thought half-lost between dreaming and waking. The mood is playful, cozy, and gently reluctant.