Here is my translation of the story on the notes:
Ettlingen once had, in olden times,
a fight with the women,
who, on the former city plan,
had placed a rich convent.
Where women's cloaks are in the game,
No court can help the men much.
Therefore the judgment, too, became quite harsh,
for those so womanly* fooled.
Twelve councilmen were, without mercy,
to be executed by the wheel!
And the citizens cried "ach!",
But to help, they were too weak.
The 11th head, already it rolled!
The Margrave watched scornfully,
and asked his jester Hans:
Are you also enjoying this dance?
"If they were cabbage heads that grew back,
I would be amused by such a disgrace!"
Spoke brave Hans, without much bluster,
And the lord let the twelfth go free.
And the moral of the story:
Don't get on the wrong side of the women!
Instead, find the man who, with unflinching courage,
speaks the truth to an enemy.
*frauenalb: this is the actual name of the convent, and here it is being used to mean frauenalbern (woman-foolish), quite a clever pun
The real story appears to be a little bit more complex - it seems that the councilmen of Ettlingen had more or less gotten the townspeople worked up into a mob, which torched the Frauenalb convent. They believed that the nuns had previously torched a pigsty that had been erected near their convent and which they had offered to pay to have moved (which Ettlingen had refused).