This water is the honey of all beings, and all beings are the honey of this water. Likewise this bright, immortal person in this water, and that bright, immortal person, existing as seed in the body (both are madhu). He indeed is the same as that Self, that Immortal, that Brahman, that All.

In plain words: Water and all beings support each other like honey. The bright, deathless presence in water is the same as the presence in the body's life-giving seed. Both are the one Self, Brahman, the All.