Theory:

A dandelion whose fuzzy head
Was golden days ago
Has turned to airy parachutes
That flutter when you blow.
Explanation:
 
Dandelion is the next surprise that one could find in a meadow. Dandelions are yellow flowers found in the wilderness. When bloomed, dandelions are yellow, and they have soft petals like any other flower.
 
dandelion-3382663_640.jpg
A dandelion meadow
 
Dandelions are a source of good amount of nectar, and hence you could easily spot several bees, insects, and birds around dandelions.

However, there is something exciting about dandelions. It changes its form in time.
 
The soft and smooth texture turns fuzzy, and the golden-yellowish colour turns into almost white. As the poet describes, it turns into "airy parachutes". This stage, known as seedhead, is crucial in maintaining our flora because the fuzzy texture aids in pollination.
 
All you have to do is blow onto it, and you can see it flutter across in the air. Eventually, like a parachute, the little pieces of the seedhead would move around slowly and would settle down on earth to create more plants.
 
dandelion-463928_640.jpg
Seedhead; When the dandelion has turned into "airy parachutes"
 
Meanings of difficult words from the stanza:
 
Sl. No.
Words
Meanings
1
DandelionA common small, bright yellow wild flower that has a lot of long, thin petals arranged in a circular pattern around a round centre
2
FuzzyHaving a frizzy texture or appearance
3
FlutterTo fly unsteadily by flapping the wings quickly and lightly
Reference:
National Council of Educational Research and Training (2007). Honeycomb. Meadow Surprises: Lois Brandt Phillips (pp. 123-124). Published at the Publication Division by the Secretary, National Council of Educational Research and Training, Sri Aurobindo Marg, New Delhi.