The lyrics are, ummm, not exactly meant to promote peace between the two nations.
Loosely translated:
"Stop asking for Kashmir, or you might lose Lahore...
POK might slip out of your hands too...
Just like the year 1971, we will hand you a bitter defeat
If you try to enter Kashmir, we will have you buried
We will have your legs broken, we will have you buried
If you enter Kashmir, we will have you buried...!"