Song lyrics are not good ways to learn grammar, the grammar is altered for the sake of the song.
In the original version Karen Carpenter sings "your love's put me at the top of the world"
there are many mistyped and misquoted lyrics on the internet.
So the lyric is "your love has put me at the top of the world" BUT SHE sings the contradicted "your love's put me" grammatically "your love has put me at the top of the world" is correct, but she contracts it when singing
whether the original printed lyrics that were written said "your love has put me' or "your love's put me"
it makes no difference. I don't think singing either of these options would make any difference.
I am certain that other singers would sing "your love has put me" to match the way they speak and therefore sing. It may also have something to do with Karen Carpenters native way of speaking "American" versus other English variants, that would not alter the song's meaning.