It is, I'm afraid, against eNotes policy for me to give you a direct paraphrase of this poem, as you would then be able to simply submit it as an assignment rather than doing the work yourself. However, I can give you some guidance on how to write a good paraphrase on your own.

This poem is surprisingly easy to understand, given when it was written—it uses mainly words which have little changed since the Early Modern English era. It might help in your paraphrasing to understand what the poem was for. This poem was the introduction to Herrick's poetry collection, Hesperides, and as such, was meant to be basically a table of contents for that book. Herrick is here listing out all of the things he has written about and which a reader will find in the book to come. There are a couple of things that may be unfamiliar to us: a "wassail," for example, was a practice in England whereby people would visit each other's houses around Christmastime and drink mulled cider together. A "wake" was, and still is today, a sort of celebration of life which would take place after a funeral. But most of the other elements of which Herrick says he will write are relatively straightforward.

In order to paraphrase the poem, then, you may not need to change too much—just the parts which are not clear to the modern reader or are confusing. You also don't necessarily need to keep the rhyme. So, for example:

I sing of Time's trans-shifting; and I write

How roses first came red, and lilies white.

I write about the passage of time and about how roses first came to be red and lilies came to be white.