Some details to add to that Wikipedia excerpt:
(Please post more Wikipedia stuff on this site; it's allowed, often well-researched, and good to have everything in one place.)

John really liked how this song had come out, and I think that's because the lyrics and music complement each other very well in describing aspects of (transcendental) meditation.
For example: "Let me see you smile, like a little child." When one is deep in meditation, speaking is somehow far away, and when one is asked to react, often only a really nice innocent smile comes out, as if to say: "I like you, but I'm sorry, right now I can't speak." That's the kind of smile Prudence must have given John.
In the music, you hear the guitar pluck a two-note thing over and over: that's the mantra repeating. At the end of the song, when Prudence finally "gives in" to the calls by her friends, the mantra winds down and she slowly comes out of the meditation.
The bass has a riff that goes down and down: that's the mind sliding deeper and deeper into silence. From time to time, the mind comes out somewhat, and then the downsliding will start over.
Back to the words :-) The repeated "round, round" refers to them doing many rounds of meditation in the morning and in the afternoon.
In general, the lyrics' simple words reflect the uncomplicated state of mind during and after meditation.