"The Dream"

I listened to On the Threshold of a Dream yester-day, and I noticed a small grammatical ambiguity in "The Dream."  One line could be rendered as "Come to witness spring's new hope, born of leaves decaying" (where "decaying" is a participle modifying "leaves") or as "Come to witness spring's new hope, born of leaves' decaying" (where "decaying" is a gerund).  As far as meaning, however, there isn't much difference.