Things about life
Life is like a popsicle: if you drink or not it runs out.
Things of the life ("the life" meaning a great life, or a big life, or a specific life)
Life is like a popsicle - whether you drink it or not it runs out.
===
Not sure what the saying means :). But in terms of grammar, sayings/proverbs don't always follow conventional rules so I did my best here. "Drink" doesn't make sense, but maybe "lick" would be worse...