。
Don't stand so close to me.
Literal
I [of-の] side [in-に] don't-stand [give-くれ-よ].
そば ('side, near, vicinity') is a locative noun. に marks it as the location of the standing. くれよ stacks くれ (casual request) with よ for emphatic directness — a slightly annoyed plea. Sting would approve.