my love - is a term you use to refer to someone you love and care about - it's affectionate my lover - is someone who you sleep with, it can also mean your companion (like boyfriend/girlfriend) but is meant to suggest that you are having sex.

love is someone you love.

a lover is a person with who yu have a sexual relationship,and love is someone you love which may be youer ex boyfriend and you dont have sexual relationship with him anymore,and yet you love him.