Last night listened all the songs of this years' Most awaited and first time A.R Rahman + Yashraj Collaborated   "Jab Tak Hai Jaan". Everyone is already liking the track "Challa" but I personally didn't liked this track and feels that it will  not last long. The song that struck chord at first time is the "Heer" sung very beautifully by Harshdeep Kaur, I can bet this track will rock every radio stations  and music tv channels in upcoming days.

Ok now come to the meaning of the song:

This songs takes account of two out of the four popular tragic romances of the Punjab in Mughal India Mughal Empire: Heer Ranjha and Mirza Sahiba.
(You can have a better understanding of the songs if go through the love story of Mirza-Sahiban on wikipedia here . Mirza Sahiban's story is one of very few where the male's name comes first.)

Long story short: In Heer Ranjha, Ranjha left his beloved to get married to another suitor in the beginning. And in Mirza-Sahebaan, where Mirza takes his beloved on a horse.
So, in the song, the lead wants to be called Sahebaan instead of Heer.

Lyrics + Translations:

Heer Heer na akho odiyo, Main te Sahibaan hoye,

Ghodi leke aaye le jaaye, Ghodi leke aaye le jaaye,

Le jaaye Mirza koi, Le jaaye Mirza koi,

Don't call me Heer, my friends,I've become Sahibaan 

I hope he comes on a horse and take me away, 

I wish some Mirza comes for me and takes me away 

Ohde je hi main te oh mere warga,

hansda ae sajra sawere varga,

ankha bandh kar la te thande hanere varga

I am like him, he is jsut like me.. 

He smiles like it's morning,

and if he closes eyes, it's like cold dark.. 

ohde je hi main te o Mirza mere varga

Naal naal tur na te vith rakhna

hadd rakh lena wich dil rakhna,

chhanve chhanve paawe assi teri parchhawe tur na

walk with me (close to me) only, don't keep any distance in between, 

mark a boundary, and keep the heart in between. 

I have to walk under your shade only.. 

ohde je hi main te o Mirza mere varga

Lyrics of Ijazat With English Translation(Meaning)

Hai...

Ve jaan waleya enj chadh k na javeen

Keetay vaadey saray o tod nibhaveen

Gallan ishq di keetiyaan sang raatan kattiyaan

O bhull na jaaveen 

Mainu chhadd na javeen

Hey, departing lover, don't leave me like this

Fulfill all the promises that you made

Those nights full of love, that we spent together

Do not forget them

Do not leave (abandon) me

Haye................. 

Haye.................

Haye.................

Mera yaar sajan tu dildaar sajan tu

Mainu kol luka le gal seenay la le

Ghar aaja mahi fer na ja mahi

Tere tarley pawaan tenu kinj samjhawan

You are my love, you are my soulmate

Hide(Keep) me  near you, Embrace me

Come back home, my love, and then don't you leave again

I beg you, how can I make you understant?

Ik wari aaja ghar phera paja

Koi lab ke leya de mere dil da ranjha

Rabb teri khudaai main devaan duhaii

Os be kadre nu meri qadar na aai

Just come back home once, pay a thorough visit

Please,Can someone find and bring back my lover

Oh God, I pray to you.

That ungrateful person doesn't care for me

Haye................. 

Haye.................

Haye.................

Baahan kangna paa ke hathe mehndi laa ke

Kanni mundraan paa ke hun kinnu dakhawan

Chann eidi charheya tu ghar na mudeya

Rahwan tak tak teriyaan akhaan rondiyaan meriyaan

Ve tun samajh na paya mann ishq machaya

Ve main ho gayi jhalli rowaan beh ke kalli

Upon wearing bangles in arms, upon pasting henna on hands

Upon wearing ear rings , to whom should I show now?

Moon of Eid has risen, but you haven't returned home

My eyes have cried swollen by looking your way

You haven't been able to understand, my heart is burning

I have gone crazy, I cry while sitting alone.

Ve mann le kena dukh hor nain sehna

Dewaan dil nu tasalli rowan beh ke kalli

Hey, listen to me, I couldn't bare this pain anymore

I keep giving myself(false) hopes, I cry while sitting alone

rahwaan tak tak teriyaan akhaan rondiyaan meriyaan

Kinj badal gaya toun dil khed gaya toun

Hass haseyaan de wich dil tod gaya toun

My eyes have cried swollen by looking your way

How did you change so much that you played my heart

While kidding, you broke my heart

Ve jaan waleya enj chadh k na javeen

Keetay vaadey saray o tor nibhaveen

Gallan ishq di kitiyaan sang rataan kattiyaan

o bhull na jaavin mainu chhadd na jaavin

Haye................. 

Haye.................

Haye.................

Je hove ijazat teri karaan ibadat

If I may have your permission, I'd(like  to) worship you.