I am looking for the lyrics of a song which contains the line "What
are you going to do with your one wild and precious life?"

I believe the musical adaptation of Mary Oliver's "The Summer Day"
uses, as its lyrics, the same text that is in the poem.

Note this description of a performance at a 9-11 memorial:

"Stokes' second piece, 'Who Made the World,' incorporated singing with
movement. The ensemble sang The Summer Day by Mary Oliver. The poem
ends with, 'Tell me, what do you plan to do with your one wild and
precious life.' This piece involved brilliant lighting that created a
wonderful atmosphere perfectly suited for the piece."

http://www.stp.uh.edu/vol67/140/shobiz/shobiz1.html

“The Summer Day.” by Mary Oliver 

Who made the world
Who made the swan, and the black bear?
Who made the grasshopper?
This grasshopper, I mean--
The one who has flung herself out of the grass,
The one who is eating sugar out of my hand,
Who is moving her jaws back and forth instead of up and down -
Who is gazing around with her enormous and complicated eyes.
Now she lifts her pale forearms and thoroughly washes her face.
Now she snaps her wings open, and floats away.
I don’t know exactly what a prayer is.
I do know how to pay attention, how to fall down
Into the grass, how to kneel down in the grass,
How to be idle and blessed, how to stroll through the fields,
Which is what I have been doing all day.
Tell me, what else should I have done?
Doesn’t everything die at last, and too soon?
Tell me, what is it you plan to do with your one wild and precious life?