This is a crooner's favorite, but it can be a good canvas for any instrumentalist as well. The song form is a little unusual. It is an AABA form, but the A sections are 6 bars each, then the last A has a 2-bar tag, haling that line 8 bars, so the total chorus is 28 bars. Sometimes people leave off that tag, making it a 6 + 6 + 8 + 6 = 26-bar chorus.
The changes are all rather ordinary. The A section has that I - vi - ii - V7 pattern we see so often. The B section has 11 - V - I - VI twice in G and then the same thing twice in Ab, which is why we practice our scales in every key.
The real selling point of this song is its lyrics, so an instrumentalist should keep those lyrics in mind while soloing:
A: Pennies in a stream, Falling leaves of a sycamore, Moonlight in Vermont.
A: Icy finger waves, Ski trails on a mountain side, Snowlight in Vermont.
B: (key of G): Telegraph cables, they sing down the highway and travel each bend in the road.
B: (key of Ab): People who meet, in this romantic setting Are so hypnotized by the lovely...
A: Evening summer breeze, Warbling of a meadowlark, Moonlight in Vermont.
Tag: You and I and Moonlight in Vermont