This one was discussed on barenaked.net's board and it has much more clever meaning that I had thought...

Here's my take:
Obviously a song about losing someone...
"The onion rings, the phone makes me cry"
The onion is ringing instead of making him cry. The phone makes him cry now because it's not ringing.

"The water falls, the fire flies"
He is crying still, as the fire of their relationship flies.

"You're an abacus and my heart was counting on us"
Amazing line, doesn't need much interpretation.

"The birches bark, the williows weep
But I lie awake; I'm adrift without a snowflake"
I think he is saying something in him really wants the dead relationship to work, but he knows it can't. Adrift, and a drift with the snowflake, a clever BNLey pun.

Awesome song about trying to keep your head up when you're sad. Great song, wonderful way to kick off the new album.

yes i agree, wonderful way to start the album! this is an amazing song and im wondering why more people havent commented on it! this is a sone about losing his love and feeling out of sorts about it.
i let my friends listen to it and she loved it. it was the first BNL song she had ever heard...
anyway, great song!!

The line "The onion rings, the phone makes me cry" means that since he said goodbye, everything's been messed up and unnatural (normally the phone would ring and the onion would make him cry). That's actually one of my favourite bnl lines ever.

I seriously think this song sounds like something the Muppets would sing. Maybe it's the banjo and the dreamy quality. I personally have a suspicion they meant it to sound like that. :)