A caterpillar

a butterfly in early fall
forgetting where he came from

A caterpillar
Who has left it late
To fulfil his destiny

The caterpillar should have long since become a butterfly but for whatever reason - has not. Basho is referring to himself. At the time of composition he himself was "deep in fall" of his life cycle (Spring, Summer, Winter, Fall) and laments sweetly that he is not yet a butterfly.

A caterpillar,
this deep in fall--
still not a butterfly.

....Is a poem about death. The first thought that comes to mind when reading this haiku, is that the writer is describing a strong and tough animal. That the caterpillar in this case is a superior one, that takes all summer and into fall to become a butterfly. However, this is not what the poem means...This poem is saying that sadly it is never going to be a butterfly at all...Winter is coming.

/thanks Bill, for teaching me life.

In other words, the writer is using the enigma of the short poetry form. Having us believe one thing, just to, in the next phase force us understand the true meaning...after contemplating what he really says.

Just like life.

I think this haiku means that some people take longer to develop than others, or maybe it takes longer for them to get something or do something.

a very nice poem...