One reason I cannot stand poetry, a category in which I include song lyrics, is that everything is a double entendre. In this case, the lyrics seem to mix metaphors that range from Greek mythology to German folklore and includes much esoteric references. Yet, the key seems to be the video for the song.
Let us first consider the lyrics:
You consider me the young apprentice
Caught between the Scylla and Charybdis
Hypnotized by you if I should linger
Staring at the ring around your finger