With “the stars or the bars” Coop is alluding to the question whether one will end up in heaven or hell. The stars are up in the sky, just like heaven is supposed to be. While the bars refers to being locked up for committing a crime; a sin, meaning that one would end up in hell.
In the year 1967 Sly Stone’s group Sly and the Family Stone dropped their debut album Dance to the Music along with a hit-single of the same name which both revolutionized music. Boots is referring to either one of these, by having Sly Stone’s permission to dance.
“Throw Ya Gunz” is a single by hip-hop group Onyx off of their first album Bacdafucup (which also had their hit “Slam”.).
The yellow-to-gold colour birch leaves have in September are symbolized by the reflecting and glistening elements of a golden(-like) coin. In the midst of the day it will bloom up the surroundings with its distinctive, vivid colour similar to golden coins
This refers to the fictional “murderer” Freddy Krueger from the infamous A Nightmare on Elm Street movies. He used to invade people’s dreams and provoke them to commit suicide while asleep. One would be chasing his own dream as Freddy was “chasing” dreams so he could “kill” people.
