Here goes!  [Hope some brave soul can help me!]
 
Einarr svarar:  "Of síð hefir þú sagt mér til þessa,
Einar answers: "Too late have you said to me regarding this,
Einar replied, "You've told me this rather too late,
 
því at nú hafa allir ráðit sér vistir,
because now have all arranged themselves food and lodging
þær er beztar eru, en mér þykkir þó illt at hafa órval af."
they who best are, but to me it seems though bad to have remains of."
because the best ones have now got employment sorted out for themselves and I don't think much of taking what's left over."
 
Einn dag tók Einarr hest sinn ok reið á Aðalból.
One day took Einar horse his and rode to the Manor.
One day Einar got on his horse and rode over to the Manor.
 
Hrafnkell sat í stofu.
Hrafnkel sat in room.
Hrafnkel sat in the living room.
 
Hann heilsar honum vel ok glaðliga.
He greeted him well and gladly.
He was pleased to see him and shook his hand.
 
Einarr leitar til vistar við Hrafnkel.
Einar searches for food and lodging with Hrafnkel.
Einar asks Hrafnkel for work.
 
Hann svaraði:  "Hví leitaðir þú þessa svá síð,
He answers:  "Why look you for this so late,
He answers, "Why are you inquiring so late,
 
því at ek munda við þér fyrstum tekit hafa?
because I would with you first taken have?
when I would have taken you on first of all?
 
En nú hefi ek ráðit õllum hjónum nema til þeirar einnar iðju,
But now have I arranged all the household except for that one task,
But now I have sorted out the whole household, except for one task,
 
er þú munt ekki hafa vilja."
which you will not to have want."
which you won't want."
 
Einarr spurði, hver sú væri.
Einar asked, which one it might be.
Einar asked which job it was.
 
Hrafnkell kvazk eigi mann hafa ráðit til smalaferðar,
Hrafnkell announced no man have arranged to the shepherding,
Hrafnkell explained that the shepherding hadn't been allocated anyone,
 
en lézk mikils við þurfa.
but ??? much with to need. {what's the infinitive of lézk?}
but it definitely needed to be done.
 
Einarr kvazk eigi hirða, hvat hann ynni,
Einar announced not to mind, what he did,
Einar said he didn't mind what he did,
 
hvárt sem þat væri þetta eða annat,
whether that would be this or other,
be it this, that or the other,
 
en lézk tveggja missera bjõrg hafa vilja.
but ??? two seasons service have to want.
but he wanted to be employed for one year.
 
"Ek geri þér skjótan kost", sagði Hrafnkell.
"I give to you a quick choice", said Hrafnkel.
"I'll make you a speedy offer," said Hrafnkel.
 
"Þú skalt reka heim fimm tigu ásauðar í seli ok viða heim õllum sumarviði.
"You shall drive in fifty ewes in the shieling and bring home all the summer driftwood.
"You can round up fifty ewes from the shieling and collect all the wood for charcoal.  {according to Gordon, this is what it was!!}
 
Þetta skaltu vinna til tveggja missera vistar.
This shall you work for two seasons' food and lodging.
This will give you work for one year.
 
En þó vil ek skilja á við þik einn hlut sem aðra smalamenn mína.
But though want I to stipulate with you one thing as other shepherds mine.
But I want to make one condition clear to you, as I have with my other shepherds.
 
Freyfaxi gengr í dalnum fram með liði sínu.
Freyfaxi walks in the valley around with his herd.
Freyfaxi roams around the valley with the other horses.
 
Honum skaltu umsjá veita vetr ok sumar.
Him shall you attention grant winter and summer.
You must keep an eye on him all year round.
 
En varnað býð ek þér á einum hlut:
But a warning offer I to you on one thing:
But I must warn you about one thing -
 
Ek vil, at þú komir aldri á bak honum,
I want that you come never on back him,
It is my wish that you should never mount him,
 
hversu mikil nauðsyn sem þér er á, því ek hefi hér allmikit um mælt,
however great necessity which to you is on, why I have here almightily declared,
no matter how vital it seems to be, because I have taken a mighty oath,
 
at þeim manni skylda ek at bana verða, sem honum riði.
to them man should I to death become, who him rides.
that I will put to death any man who rides him.
 
Honum fylgja tólf hross.
Him follow twelve horses.
He has twelve other horses with him.
 
Hvert, sem þú vilt af þeim hafa á nótt eða degi, skulu þér til reiðu.
Whichever, that you want of them to have at night or by day, shall to you for riding.
You can ride whichever of them you want, day or night.
 
Ger nú sem ek mæli, því at þat er forn orðskviðr,
Do now as I declare, because it is old proverb,
Do as I say because as the old saying goes,
 
at eigi veldr sá, er varar annan.
to not ??? him, who warns another.
{hmm, since I can't get the meaning of this proverb, I can't find an English approximation.  Any ideas?}
 
Nú veiztu, hvat ek hefi um mælt."
Now know you, what I have declared."
Now, I've laid my cards on the table."
 
Kveðja,
Sarah.