This one doesnt sound at all like the words individually but unlike usual there seem to be more syllables and I can't figure out why. Wish there was some expanded help feature for these microphone questions.
Just to clarify (three years later) for anybody who reads here and does not understand: "you and me" are the objects of the preposition 'between'. Thus "between you and I" is incorrect. Another way to look at it: you'd say "between us", not "between we".
A better translation would be "It is between thee and me". Not only does it rhyme, it emphasises the confidentiality. The second person singular is alive and well in English, and living in Yorkshire and the South West of England.