Roughly translated and with quite a bit of uncertainty due to the poetry and possible slang:
Look at the night raven fighting cyclops (?),
while Bromio (Bacchus/dioynysus) causes disturbance.
Thrust, cut, hit, throw, brave with power,
cleansed like the previous night.Coincidentally Meyer teaches five stuck for the Rappier against Partizan, as shown in the image, and with almost identical weapons.

Johann Fischart who was the author who added the fechtschule section to Rabelais' Gargantua in the German version of the book, and was born and died in Strasburg, but also studied in Basel, wrote a poem in 1570 criticizing the Catholic Church and particularly about a Jakob Rabe that was also called the Raven (Rabe) and the poem is entitled "
Night Raven (Nacht Rab) or Hooded Crow: on the Exceedingly Stupid and Antichristian Life and Writings of Hans Jacob Rooster".
Might just be coincidence, but it is interesting. Could be that the image refers to this somehow. Most likely not though. The Night Raven seems to refer to the town guards.
http://books.google.se/books?id=kRWthlOI_34C&pg=PA251&lpg=PA251&dq=Hans+Jacob+Rooster&source=bl&ots=ePNA4QVFcr&sig=73hVsZvKblMfkqjZFSt3DOD0-pg&hl=sv&sa=X&ei=C02sT_P4N_HT4QTqv7THAw&ved=0CFsQ6AEwAA#v=onepage&q=Hans%20Jacob%20Rooster&f=false