Use a capo barred at the second fret to match the pitch of this one. Follow
the transcription as you would any TAB, disregarding the fact that you're two
frets up. A pitch of "2" is played by plucking the notated string two frets above
the capo, not the nut. 

          Gmaj7                                    D
F-----0------0--0------0--|0--0----0----2-----|0------0--0------0--|0--0----0---0----
C#-T--1------1--1------1--|0--1----1------3---|1------1--1------1--|0--1----1-----1--
A--A--2------2--2------2--|2--2----2--------2-|0------0--0------0--|0--0----0-------0
E--B--3------3--3------3--|3--3----3----------|2------2--2------2--|2--2----2--------
B-------------------------|-------------------|3------3--3------3--|3--3----3--------
F-------------------------|-------------------|--------------------|-----------------

This is repeated a few times; when Tracy sings "then- why make your
promises" the chords change between D, Bm, A, Fm, and G. Again
remember that the song is capoed at the second fret, so the shape
of the D will be a C, the Bm and Am, etc. In case it's still unclear,
here are the actual chord forms to shape:
D (x32010), Bm (x02210), A (320003), F#m (022000, and G (133211).

Change to an F#m7 (010000) when the sequence is repeated immediately
thereafter. Change between G and A on the bridge to the repeat.


-------------------  /  / ----------------------------

      Gmaj7                                    D
F=====0===0==0===0==|0==0====0====2=====|0====0==0======0==|0==0====0===0====
C#=T==1===1==1===1==|0==1====1======3===|1====1==1======1==|0==1====1=====1==
A==A==2===2==2===2==|2==2====2========2=|0====0==0======0==|0==0====0=======0
E==B==3===3==3===3==|3==3====3==========|2====2==2======2==|2==2====2========
B===================|===================|3====3==3======3==|3==3====3========
F===================|===================|==================|================= 
If not now then when
If not today then
[C]Why make your [Am]promises
[G]A love declared for days to [Em]come
(133211)Is as good as none

You can wait 'til morning comes
You can wait for the new day
You can wait and lose this heart
You can wait and soon be sorry

Now love's the only thing that's free
We must take it where it's found
Pretty soon it may be costly

If not now what then
We all must live out lives
Always feeling
Always thinking
The moment has arrived