Brief Summary
The Set-Up
After years of poking and prodding each other over trading rights, the United States and Britain fought the War of 1812. The war went on for two years before both sides, unable to secure a decisive victory, came to their senses and sat down at the negotiating table in the neutral city of Ghent, Belgium in August of 1814.
The Treaty of Ghent declares an end to the War of 1812 on neutral terms—basically, both sides were both ready to throw in the towel. The terms of peace are set down in eleven short, though occasionally head-scratchingly dense Articles, written by eight representatives: five from the U.S., and three from Britain.
The Text
Sometimes you just want to go back to the way things were. That's the thrust of the Treaty of Ghent. The very first Article not only declares an end to the fighting; it also requires that all territory and property taken by either side in the war be returned to the original owner. Whatever the U.S. won went back to the Brits, and vice versa.
There are a few caveats. Both countries disputed the ownership of certain islands and territories around parts of the U.S.-Canadian border. To settle the arguments and decide who got what, the Treaty calls for commissioners, or representatives, from each nation to work together on the problem. Three groups of two commissioners were tasked with surveying land, writing up reports, and submitting them to their home governments. If they couldn't agree on a solution, then the decision got outsourced to a "friendly Sovereign of State" (IV.8).
The Treaty also features a few add-ins affecting people who didn't get to participate in negotiations. In a tragically unenforced measure, the U.S. was required to return land taken from Native Americans during the War. The two countries also agreed to try to end the international slave trade. The U.S. had already passed a law in 1807 banning the slave trade http://www.npr.org/templates/story/story.php?storyId=17988106; however, slavery continued in the United States until the Civil War.
Last, Article Eleven requires that the treaty be ratified without any changes, removing any wiggle room for the two parties to monkey with the terms and prolong the war.
TL;DR
The War of 1812 is over and everything goes back to the way it was before the war, give or take a few islands.