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That the man is disturbed and having delusions about the girl, starting off with what he would like to do to her, but then transforming into his deeper fears of women (maybe mommy in there somewhere, but certainly a sense that he's afraid of adult women whom he sees as hags, and that he sees the adult in the child so that even his lust after the child can't be pure), then a romp through a Hansel and Gretel cabin where he's the hag (if you want deeper meaning, maybe he's afraid of aging and of the responsibility of being an adult, and that's why he fears adult women, too) and the children he has victimized seek revenge on him. He's beheaded (therefore helpless), where he confronts first his fantasy, then the reality of his fears (where he's sliced up or at least fears being sliced up, maybe castrated with giant scissors by the young girl who has the power over him), then maybe all the children coming out to pull him down. It doesn't mean he's committed crimes against all of them, necessarily, only that he feels guilty for what he's felt about them--he's violated their innocence in his mind if not reality, and they punish him for it.
In the end, despite the nightmare quality, he enjoys the whole delusion of desire and deserved punishment for the desire, like Humbert Humbert. So he smiles, and the girl is oblivious to anything he's thought or felt.
That's just from one viewing, though, so it's just a first impression. Goes along with the song, too, which seems to be about regretting hurting a woman but enjoying hurting her, too. That itself is so much a latent part of our literature that the song may be more a criticism of modern cultural attitudes towards women and romance than a sick admission. If that makes sense.
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