The lyrics seem to have several levels of meaning and, like most art, lend themselves to distinct interpretations, depending on the mind of each person experiencing the work. Reincarnation is certainly a theme. While the possibility of abortion is hinted at, the fetus (not child, since he's still in the womb) seems rather indifferent about his birth and about the alternative of going back to "spirit land".

What Jimi sang was this, more or less:

Well I'm up here in this womb
I'm lookin' all around
hmm mm mm
well I'm lookin' out my belly button window
and I see a whole lot of frowns
and I'm wonderin' if they don't want me, around
what seems to be the fuss out there
just what seems to be the hang
'cause you know if you don't
want me this time around
yeah, I'll be glad to go back to spirit land
and even take a longer rest
before a comin' down the chute again
man I sure remember the last time, baby
they were still talkin' about me then
so if you don't want me now
make up your mind
where or when
make up your mind
if you don't want me now
give or take
you only got two-hundred days
cause I ain't comin' down this
way too much more, again
you know they got pills for ills, and
thrills, and even spills
but I think you're just a little too late
so I'm comin' down into this world Daddy
regardless of love and hate
I'm gonna sit up in your bed Mamma
and just a grin right in your face
and then I'm gonna eat up all your chocolates
ha, and say I hope i'm not too late
if there's any questions make up your mind
give or take
if there's any questions make up your mind
give or take
you got only two-hundred days
and I'm lookin' out my belly button window
and I swear I see nothing but a lot of frowns
and I won't live if they don't want me, around.

While the possibility of abortion is hinted at, the fetus (not child, since he's still in the womb)