The musical score to Babes in Toyland is based almost entirely upon Victor Herbert's operetta. However, due to time constraints, the entire score could not be used in the film. Some songs were cut, but many became background instrumentals.
The operetta made its debut in 1903, and had a run of nearly 200 performances. Over time, "Go to Sleep, Slumber Deep" and "Castle in Spain" were cut from the score. But both of these songs were revived for the Roach Feature. So in one small way, the film was more faithful to the original than subsequent revivals of the operetta.
There are only two songs in the film that are not written by Herbert. The first is "Who's Afraid of the Big Bad Wolf," which was written at the Walt Disney Company as the theme for the Three Little Pigs. The second song is "Rock-A-Bye-Baby," which was written by Effie I. Canning. Both of these tunes can be heard at the beginning of the film, as part of a longer composition.
The words to the film's title song are
reproduced below, reprinted as they originally appeared in
the script from Babes in
Toyland. 
When you've grown up, my dears,
And are as old as I,
You'll often ponder on the years
That roll so swiftly by, my dears,
That roll so swiftly by.
And all the many lands
You will have journeyed through
You'll oft recall,
The best of all,
The land your childhood knew
Your childhood knew.
Toyland, toyland,
Little girl and boy land,
While you dwell within it,
You are ever happy then.
Childhood, joyland,
Mystic merry toyland,
Once you pass its borders,
You can ne'er return again.
