Einarr kvað sér eigi mundu svá meingefit at ríða þeim hesti,
Einarr - declared - himself - not - should - so - maliciously inclined - to - ride - this - horse
Einar said that he would not be so ill-minded as to ride this horse,
 
er honum var bannat, ef þó væri mõrg õnnur til.
which - to him - was - forbidden - if - yet - were - many - others - towards
which was forbidden to him, especially if there were many others to use.
 
 
Einarr ferr nú heim eptir klæðum sínum ok flytr heim á Aðalból.
Einarr - goes - now - home - after - clothing - his - and - removed - home - to - Aðalból
Einar then went home to get his clothing and moved over to Adalbol.
 
Síðan var fœrt (foert) í sel fram í Hrafnkelsdal,
afterwards - was - brought - within - shieling - forward - in - Hrafnkelsdalr
After that (the sheep) were driven to a shieling in the upper part of Hrafnkel's Valley, 
 
þar sem heitir á Grjótteigsseli.
where - was called - Grjótteigssel
which was called the Grjotteig shieling.
 
Einari ferr allvel at um sumarit,
Einarr - goes - very well - concerning - during - the summer
Einar fared very well at it during the summer,
 
svá at aldri verðr sauðvant fram allt til miðsumars,
so - that - never - happens - missing sheep - from - all the way - to - midsummer
so that no sheep were lost in all the time up to midsummer,
 
en þá var vant nær þremr tigum ásauðar eina nótt.
but - then - was - lacking - nearly - three - of ten - of ewe - one night
but then one night nearly thirty ewes were missing.
 
Leitar Einarr um alla haga ok finnr eigi.
seeks - Einarr - about - all - pastures - and - finds - not
Einar searched all the pastures and found nothing.
 
Honum var vant nær viku.
to him - was - lack - nearly - a week
They were missing for almost a week.
 
 
Þat var einn morgin, at Einarr gekk út snimma,
it - was - one - morning - that - Einarr - goes - out - early
Einar went out early one morning,
 
ok er þá létt af allri sunnanþokunni ok úrinu.
and - is - then - lifted - off - all - the mist from the south - and - the drizzle
and the mist from the south and the drizzle had all cleared.
 
Hann tekr staf í hõnd sér, beizl ok þófa.
he - takes - a staff - in - hand - his - a bridle - and - a saddle-pad
He took a staff in his hand, a bridle and a saddle-cloth.
 
Gengr hann þá fram yfir ána Grjótteigsá.
goes - he - then - forward - over - the river - Grjótteigsá
He went across the river Grjotteigsa (Grjotteig River), 
 
Hon fell fyrir framan selit.
it - flows - in front of - forward - the shieling
which flowed down from the shieling.
 
En þar á eyrunum lá fé þat, er heima hafði verit um kveldit.
and - there - on - the gravel banks - lie - livestock - which - at home - had - been - during - the evening
There, lying on the gravel banks, were the sheep that had been at home during the evening.
 
Hann støkkði því heim at selinu,
he - drove - it [the sheep, collectively] - home - to - the shieling
He drove them back to the shieling,
 
en ferr at leita hins, er vant var áðr.
and - went - to - seek - them - who - missing - were - earlier
and went to look for the ones who were missing earlier.
 
Hann sér nú stóðhrossin fram á eyrunum
he - sees - now - the stud horses - forward - on - the gravel banks
Then he saw the horses ahead on the gravel banks
 
ok hugsar at hõndla sér hross nõkkurt til reiðar ok þóttisk vita,
and - considers - to - seize - himself - a horse - certain/any - for - service - and - thinking - to know
and decided to catch one of the horses to use, believing  
 
at hann mundi fljótara yfir bera, ef hann riði heldr en gengi.
that - he - would - more swiftly - over - to carry - if - he - rides - rather - than - walks
that he would make quicker progress if he rode rather than walked.
 
 
Ok er hann kom til hrossanna, þá elti hann þau,
and - when - he - comes - up to - the horses - then - chases - he - them
So when he reached the horses, he chased them,
 
ok váru þau nú skjõrr, er aldri váru võn at ganga undan manni,
and - were - these - now - shy - which - never - were - accustomed - to - going - away from - people
but these (horses), which never used to run away from people, were now skittish,
 
nema Freyfaxi einn.
except - Freyfaxi - alone
except for Freyfaxi alone.
 
Hann var svá kyrr sem hann væri grafinn niðr.
he - was - as - quiet - as if - he - were - rooted - down
He was as still as if he were rooted to the ground.
 
 
Einarr veit, at líðr morgunninn, ok hyggr,
Einarr - knows - that - passes - the morning - and - considers
Einar knew that the morning was passing, and decided
 
at Hrafnkell mundi eigi vita, þótt hann riði hestinum.
that - Hrafnkell - would - not - know - that - he - rides - the stallion
that Hrafnkel would never know that he rode the stallion.
 
Nú tekr hann hestinn ok slær við beizli,
now - takes - he - the stallion - and - forms - with - bridle
So he took the stallion and bridled him,
 
lætr þófa á bak hestinum undir sik ok ríðr upp hjá Grjótárgili,
places - saddlepad - on - back - the stallion - under - himself - and - rides - up - by - Grjótárgil
placed a saddlecloth under himself on the back of the stallion and rode up by Grjotargil (Rocky River Gorge?),
 
svá upp til jõkla ok vestr með jõklunum,
also - up - to - glaciers - and - west - along - the glaciers
and up to the glaciers and west along the glaciers,
 
þar sem Jõkulsá fellr undir þeim,
there - where - Jõkulsá - flows - away from - them
to where the Jokulsa (Glacier River) flows out from beneath them,
 
svá ofan með ánni til Reykjasels.
also - down - along - the river - to - Reykjasel
and then down along the river to the Reykja shieling.