There was an English article that talked about the song/lyrics a few months ago.
Quote:
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The movie is a sequel to the anime movie “Tezuka Osamu no Buddha –Akai Sabaku Yo! Utsukushiku-“, which was released in 2011. TOEI ANIMATION’s producer, Kozo Morishita said after listening to the song, “I was drawn in by the magnificent melodies and her strong, vibrant voice. The lyrics wish for the happiness of a loved one and I cannot help but to link that to the compassion of Siddhartha who wished for the happiness of all people. I am grateful that this song has added new colors to the movie.”
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http://www.en.barks.jp/news/?id=1000003426
The song was inspired by Buddha's story, but it's not exactly about Buddha.