This is a fairy speaking with Puck in ''A Midsummer Night's Dream''.
Puck asks her where she is going and she replies, telling him it is her job, as servant to Titania, to put dewdrops on everything. She's making everything pretty, evidently that is what faeries do.
She is saying that she wanders everywhere, through parks, briers, floods, fires, hills and dales very quickly, and she serves Titania (the fairy queen) by dropping dew on the grass and bushes. Cowslips are a type of flower and a pensioner is a guardian, mercenary, 'gentleman at arms'. She is saying that you can tell by looking at the cowslips (flowers) who their guardian is by looking at the gold coats and spots because they are the gifts of faeries (fairy favors): it is those spots (freckles) that make them smell so good and make them unique (savours) .
She then recognizes Puck as one of Oberon's servants and they talk about keeping the two of them separated because they are fighting.
from Act 2, Scene 1 of 'A Midsummer Night's Dream'
That's the scene in which the fairies who dwell in the forest make their first appearance in the play. The fairy who recites those lines helps to establish a magical mood and introduce a way of life that is dramatically different from the lives of the human characters in the play.