We all know the dragon attack theme; watch the skies. We've all wondered about the chanting. We've all been disappointed to hear Bethesda say they can't remember what went into it.

Well, I've been very determined and had nothing else to do. There is a choir in the music, and for the choir to have been singing, there must have been something written to follow along. It could have been nonsense of course, but the shapes of the words and fragments you can catch amidst the thunder of wings sound like dragon words.  
This was an invaluable resource, one that got me started.https://www.thuum.org/viewthread.php?thread=447 
As was this version of the track slowed down slightly. https://soundcloud.com/mluck984/12-watch-the-skies-slowed

So here's my transcription of what I could catch, translated. If it's got a question mark, I'm not sure about it. If two question marked words in a row, it might be one or the other, and both make sense with the rest of the line. If it's in a parenthesis, it repeats over and under the line it's attached to.

Opening                                                      aproximate literal                   

                                                 Part 1

het los maar do rel beyn (bein?)         - Here is terror of dominion-scorn    foul?      
Hii fik? Fen (sulyek) ven los do        your mirror? the? (power) wind is of
blank blank

Verse 1 part 2

  Ven sulyek                                       Wind? power
Iiz tey iiz tey aar strun sulyek            ice tale, ice tale  slave storm power         
iiz tey  al strun ven sulyek                Ice tale destroy storm wind power        
feyn? ven? sulyek                           bane? wind? power
het las het las                               here is here is
    blank mid? Mir?                     ----------    blank Loyal? Aleagance?
blank                            -----  blank
Zii GraAN                          spirit rout     
het las MARhet las                     here is TERROR here is
zi graan                         spirit rout
Bozik al? Aar? Strun                    Boldly destroy? boldly serve? storm

fen sulyek                         will to power

iiz tey iiz tey al strun (Aar Strun)            ice tale ice tale servant storm (destroyer storm)
strun -- sulyek sulyek het las maar            storm--- power power here is terror

het lost mar het laas                    -here is terror, here is life
 het las maar do joor beyn                here is terror of the scorned mortals
het los mar    ----     krein?                here is terror    ----    sun?
boLOG az alik, maa? liv sul? Zul            beg mercy, fear wither day? voice?
zul feyn, maar sul? Zul?                mortal bane, fear day? voice?
maar zul bek                        fear voice

al strun     repeat                     destroy storm

Instramental from 0:52 to 1:02

Part 2

Fen sulyek boz an? al     krein                will power bold -? Destroyer sun
Hi fent sulyek,                         you shall power
sulyek  het los    blank    al strun                power blank destoyer storm
het los maar do jorre beyn - boz al                here is the terror of the scorned mortal- bold destroyer
Al strun - sulyek aaz  (fen sulyek)            destroyer storm --- power mercy (will to power)
boz un? Taazokan??  Hi? fen sulyek, het los mar      bold our? Tamriel?  You? will power, here is terror

Uninteligable excpet het los paar            here is ambiiton
Het los mar het los mar                    here is terror here is terror (nearly inaudible but distinct)

Inaudible fragments from 1:38

Things i think are part of those fragments

Lingra voth                             long with
Het zun (fiik) pahlok                     here weapon mirror power

Hi, I think it's amazing how you transcribed the lyrics of a song in a completely foreign language. You had to be listening to the song over and over to understand at least some of the text.

I tried it, too. Here is what I got, maybe it helps. (I just wrote "..." to indicate there were more parts but I couldn't understand them.) Edit: I edited the posting and filled in all the gaps. It is complete now.

Het los maar do rel kiin - here is terror of the reign of beginning
hi fiik suleyk paar faraan - You mirror power ambition fortune
Hi fiik dov-rii so rii - You mirror dragon souls, sorrow soul
Iiz tey iiz tey drey vo lah - Ice tale did reverse magic
Iiz tey iiz tey lah vo zah ruz  - ice tale magic reverse finiteness then
so viin (?) het zul faraan        - sorrow shines here voice fortune (not sure here)
het los, het los
hi fiik
hi fiik relii maarre (?)            - you mirror his reign of terrors? (not entirely sure)
het los maar, het los, het los
het los maar, iiz tey iiz tey
het los maar
hi fiik zii dov-rii kriid   - You mirror soul dragon soul slayer
(sound like hahaha)
dov-rii kriid   - dragon soul slayer
aan zun           - a weapon
bodiis dez iiz       - borrow fate ice?
bodiis het zey      - borrow here brothers (note the singing "bodiis-diis")
(bodiis)                 - parallel singing to the line below
aan zun, aan zun 
het los, het los

(first instrumental)

I realized that some words are pronounced differently in the song, because well, they sing.
ie they sing fi-ik like it has two syllables. If you keep that in mind, it is easier to understand.

I think the song is about revival of the dragons (reverse magic, undo finiteness) and how the dragon souls can be harvested and turned into a weapon. It would make sense.

It is a beautiful song indeed, very epic. I remember how the dragon attack theme used to induce fear in me when I was younger and played for the first time, lol. Really "het los maar".

I had some time today so I decided to work on the second part as well. Here is what I think it is:

het zul faraan paar fah al zey    - Here voice fortune ambition for destroying brothers
hi fiik suleyk zul faraan            - You mirror power, voice fortune
het los maar
paar fah al zey                          
paar fah al zey reyliik                 - ambition for destroying brother race
zah fun hi                                     - finiteness tells you / finitely telling you?
het zul faraan
paar fah al zey het zul faraan - ambition for destroying brothers here voice fortune
paar fah al zey dovah-ah    - ambition for destroying brothers, dragon hunter
het los maar
dovah-ah
het los maar
dov-rii dov-rii dov-rii kriid   - dragon soul slayer
het los maar
het los maar
het los maar

(music rises, louder than chanting)

dov-rii dov-rii dov-rii         (almost indistinguishable)
dov-rii dov-rii dov-rii
iiz tey iiz tey
dovah kriid     - dragon killer
dov-rii zun      - dragon soul weapon
aan zun
het los, het los

It is typical for these kind of choral chanting to have several parts that are repeated over and over.

The meaning could be that the lyrical you is the dovahkiin, destroying his "brothers" / "brother race" being a dragon himself disguised as a human / a human with a dragon soul. "Voice fortune/wealth" could refer to the gathering of dragon souls to empower his voice, enabling him to use thu'um. I think the meaning is really sad, in fact.

I edited both my postings, I corrected the lyrics and filled in the gaps. I can't tell how many hours I listened to the song now, lol. But I just couldn't let go until I had all of it written down.

I got all of it now except for the two missing gaps in part 1 that I just can't find out. Maybe someone else can. Just look for the track on youtube or spotify and read along. I found it easier with the normal version, not the slowed down version.

Edit: I managed to fill in the last gaps by myself, but I'm not entirely sure about them (see questionmarks). Could be words not in the dictionary or pronounced differently by the choir.

And now I kind of... posted it on youtube. ^^" I really couldn't let go of it, crazy me.

This post has been deleted.

I like languages. It's harder with a smaller sample size of pronunciaton in teh gam ethan in real life, but ym brain just makes connections like that. It also helps that the structure is closer to english than to, say, chineese. If it were tonal as well as in a song, there'd be no chance at all of making sense of it.

I too agree that it's about the revival of the dragons. Whatever way you read it or hear it, the opening "here is", isn't just an introduction, but an announcement. I've found the slowed down worked for some parts, and the complete cd I'm lucky enough to own when hooked up to good speakers was pretty good too- but obviously kind of hard to share. 

What you caught helped a lot, yes! You seem to have caught a lot of what I couldn’t make out, whatever speaker or file I used. Altogether, it almost comes to sentences. If we allow for the early state the development was in and assume some of the grammar was still a bit odd, we can guess at the sense of it.

Here's a high quality audio file retrived from the playstation four's sound files, for comparison. Unforetunately it doesn't play in windows media player, you'll need the freeware VLC media player to listen to it.

So we might have a rough beginning that comes out as :

'here begins the reign of terror'                                   or        'here is our dominion’
you reflect (our) power,  craving divinity,*1             or fortunate ambition àFaraan vs fah-rah *2
you reflect our dragon-soul, woe! (our) Souls!

Tales in ice did magic of undoing- or magic in reverse
Tell in the ice how (our)phantoms3 came undone                  or ‘how our finite state was mended’

1 Paar as verb- To Crave, or noun Ambition both fit here.

2*or possibly even faal raan, formal The Animal, though I think it unlikely for a dragon announcing himself in battle, which is what the words all seem to indicae indicates

3 Sah, illusion or phantom would make some sense with the use of mirror above, both with connotations of unreality