This is a very free translation but I think it gets the sense of the text.

 

Einarr kvað sér eigi mundu svá meingefit at ríða þeim hesti,

Einar said he would not be so wilful as to ride a horse

 

er honum var bannat, ef þó væri mõrg õnnur til.

which was forbidden him especially as there were plenty others

 

Einarr ferr nú heim eptir klæðum sínum ok flytr heim á Aðalból.

Einar went home for his clothes and moved to Athalbol.

 

Síðan var fœrt (foert) í sel fram í Hrafnkelsdal,

Then he moved on to the shieling in Hrafnkelsdale

 

þar sem heitir á Grjótteigsseli.

which was called Grjotteigsel (Stony Meadow shieling )

 

Einari ferr allvel at um sumarit,

Einar did very well in the summer

 

svá at aldri verðr sauðvant fram allt til miðsumars,

so that there was never a sheep missing right up to midsummer,

 

en þá var vant nær þremr tigum ásauðar eina nótt.

but then about thirty sheep went missing one night

 

Leitar Einarr um alla haga ok finnr eigi.

Einar searched all through the pastures and found nothing.

 

Honum var vant nær viku.

He lost them for nearly a week. 

 

Þat var einn morgin, at Einarr gekk út snimma,

One morning Einar went out early

 

ok er þá létt af allri sunnanþokunni ok úrinu.

when all the mist and drizzle from the south had disappeared.

 

Hann tekr staf í hõnd sér, beizl ok þófa.

He got a staff, a bridle and a saddle pad.

 

Gengr hann þá fram yfir ána Grjótteigsá.

He went on over the river Grjotteig 

 

Hon fell fyrir framan selit.

It flowed down from the shieling.

 

En þar á eyrunum lá fé þat, er heima hafði verit um kveldit.

And there on a gravel bank lay the sheep which had been there during the night 

 

Hann støkkði því heim at selinu,

He drove them back to the shieling

 

en ferr at leita hins, er vant var áðr.

And went to look for those which were missing.

 

Hann sér nú stóðhrossin fram á eyrunum

He saw a herd of horses before him on the bank

 

ok hugsar at hõndla sér hross nõkkurt til reiðar ok þóttisk vita,

and thought he would catch  a horse to ride thinking

 

at hann mundi fljótara yfir bera, ef hann riði heldr en gengi.

He would travel faster if he rode rather than walked.

 

Ok er hann kom til hrossanna, þá elti hann þau,

When he came to the horses, he followed them.

 

ok váru þau nú skjõrr, er aldri váru võn at ganga undan manni,

but now they were shy; they were not accustomed to travel with a man on their backs 

 

nema Freyfaxi einn.

except Freyfax alone.

 

Hann var svá kyrr sem hann væri grafinn niðr.

He was as quiet as if he were stuck to the ground

 

Einarr veit, at líðr morgunninn, ok hyggr,

Einarr knew that morning was passing and thought

 

at Hrafnkell mundi eigi vita, þótt hann riði hestinum.

that Hrafnkel would not know it if he rode the horse.

 

Nú tekr hann hestinn ok slær við beizli,

He took the horse and put a bridle on it,

 

lætr þófa á bak hestinum undir sik ok ríðr upp hjá Grjótárgili,

put a saddle on the it’s back and rode up by Grjotargill,

 

svá upp til jõkla ok vestr með jõklunum,

and west by the glacier

 

þar sem Jõkulsá fellr undir þeim,

where the Jokul river flowed down from them

 

svá ofan með ánni til Reykjasels.

And so down along this river to Reykasel.