מְטוּל דְשַׁעְתָּא רוּגְזֵהּ חַיֵי עַלְמָא בִּרְעוּתֵיהּ טָבָא בְרַמְשָׁא מְבִית בִּבְכוּתָא וּלְצַפְרָא מְקִים בְּתֻשְׁבַּחְתָּא.
1. His favor for a lifetime | חַיִּים בִּרְצוֹנוֹ – This translation reads this clause as parallel to the previous one, with "רצון" (favor) contrasting with "אף" (anger), and "חיים" (life, or lifetime) with "רגע" (a moment). See Radak and Hoil Moshe who understand the verse similarly. Cf. Rashi: "There is [long] life in appeasing Him" with the psalmist calling on his audience to repent and thus be granted long life. Alternatively, one might translate: "life is His desire", with the psalmist saying that Hashem's anger lasts for just a short while since He really desires that one live and not die (see Malbim).
2. at night, weeping comes to lodge | בָּעֶרֶב יָלִין בֶּכִי – See Ibn Ezra, Malbim and Hoil Moshe. Alternatively, the subject of the word "יָלִין" (lie down / lodge) is an unstated "he" so that the clause would read: "He lies down with weeping; in the morning [he awakens] with song" (second opinion brought by Ibn Ezra, Radak). This assumes that the words "בֶּכִי" and "רִנָּה" should be read as if written with the preposition "ב" (for, as ibn Ezra notes, often the preposition "with" is absent and simply assumed by the verse).