There are two meanings behind this lyric: The official Robert Plant explanation and the 'inside joke' version.
Robert Plant once explained the meaning of this line to an American journalist. According to him, he saw a strange sight while wandering out in town one day. There was a jar left between the paws of a lion statue outside of the town hall. In the jar was some water, with a tadpole swimming around.
However, Led Zeppelin songs are rife with inside jokes and hidden meanings. The alternate explanation (and one that Robert will surely be aware of) is that the lyrics are an old English metaphor for sex. Tadpoles, bushy manes, geddit?
With Robert Plant known for joking with American journalists, and having his comments reported as fact, we can perhaps conclude that the meaning of this line from Led Zeppelin's 'Dancing Days' is an amalgamation of both explanations outlined above.
http://www.quora.com/Led-Zeppelin-band/What-does-I-saw-a-lion-he-was-standing-alone-with-a-tadpole-in-a-jar-mean
More speculation-
http://www.songfacts.com/detail.php?id=337
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