I did mention SHE LOVES ME, Sondheimboy2, simply brilliant lyrics. Barbara Cook says she considers "Ice Cream" to be one of the best book songs ever written, and I couldn't agree more.
Tony Kushner's lyrics for CAROLINE, OR CHANGE are incredibly underrated. The brilliance simplicity of the powerful lyrics from songs like "I Hate the Bus," the "Epilogue," "Salty Teardrops," and "Long Distance" is just mind-blowing.
Of course Sondheim's lyrics are perfection.
I agree that Hammerstein has been quite ignored, I picked THE KING & I because it's my favorite Rodgers/Hammerstein show, but his lyrics from SHOWBOAT to SOUTH PACIFIC to CAROUSEL are fantastic.
Cole Porter might win the award though, no one else could come rhyme "champagne" with "cocaine" oh so cleverly. The lyrics to "I Get a Kick Out of You" are orgasmic.
"Some people can thrive and bloom living life in a living room, that's perfect for some people of one hundred and five. But I at least gotta try, when I think of all the sights that I gotta see, all the places I gotta play, all the things that I gotta be at"