What I thought your question was asking was how this song compared to a lullaby. If that's correct, then it has many of the same characteristics of a lullaby. It has simple lyrics, soft turn, and it's easy to remember and sing. One small problem with the lyrics "don't let Satan blow it out." These might not be the best image to send young children off to sleep--the possibility of Satan being in the dark and responsible for the dark would not be conducive to a restful night.
The lyrics for the spiritual "This little light of mine" could be interpreted on the basis of several scriptural references.
The "light" could refer to one of several instances when light is used to illustrate the point in one of Jesus's parables. He explained that one does not hide his/her light under a bushel basket, but allows it to shine out into the world. He taught his followers that they should live their lives so as to be lights for others to follow, finding their way to live in right relationship with each other and with God.
The hand signs frequently taught along with the words clearly illustrate the lit candle in the first verse, the uncovered light in the second verse, and the light that can not be blown out by Satan in the third verse.