This salutation is famous throughout the world. It was written by Shaykh Abu Bakar bin Salem (may Allah be pleased with him!), who is buried in Aynat, Hadhramawt. He was from among the great awliya of Allah and is known as ‘fakhr al wujud’ (the honour of creation). It is enough of a testification of the greatness of his rank to know that this salutation has achieved an acceptance throughout the world.

This salutation is an overflowing spring of blessings, and is one of the favourite salutations of all lovers of the Prophet (Allah grant him peace and blessings!). Innumerable awliya and saliheen have adopted this particular salutation as their daily prayer and have recited it in abundance. The benefits of this are so vast they cannot to be completely encompassed. Its constant recitation brings the reader purity of heart and a vision of the Prophet (Allah grant him peace and blessings!). This salutation increases one in sustenance, protects the reader from the harms of magic and jinn as well as removing calamities away. It is a beautiful salutation short in its length but enormous in benefits.

excerpt from Miftahul Wusul ila Babur Rasul

The selawat as copied from iqra.net:

Allahumma Salli ‘alaa Sayyidina wa Mawlana Muhammad-in Saahib i’t Taaji wa’l Mi’raaji wa’l Buraaqi wa’l ‘Alam
Daafi-’il balaa-i wa’l wabaa-i wa’l qahti wa’l maradhi wa’l alam
O Allah! Bestow blessings on our patron Sayyidina Muhammad, the bearer of the holy crown, the one who ascended the heavens; the rider of the heavenly Buraq and the holder of the flag of Divine Unity; the remover of calamity, epidemic, famine, disease and pain (with the permission of His Lord, full of Wisdom).

Ismuhoo maktoobun marfoo-’un mashfoo’un manqooshun fi’l Lawhi wa’l Qalam Sayyidi’l ‘Arabi wa’l ‘Ajam
Jismuhoo muqaddasun mu’attarun mutahharun Munawwarun fi’l Bayti wa’l Haram
His name is written (in Divine Edict) - exalted, authorised for intercession, and inscribed in the Tablet and Pen. He is the leader of Arabs and non-Arabs. His body is most holy, fragrant, perfected in purity, and luminous in the Sanctuary of the Ka’ba and its precincts.

Shamsi’d dhuhaa Badri’d dujaa Sadri’l ‘ulaa Nuri’l Hudaa Kahfi’l Waraa Misbaahi’z-zulam Jameeli’sh Shiyam Shafee’il umam Saahibi’l Joodi wa’l Karam
He is the sun of the glorious morning and the full moon on a dark night, the chief occupant of the highest seat in heaven, light of guidance, refuge for the creatures and a lamp in darkness.
Of excellent manners is he, intercessor for mankind, one gifted with generosity and magnanimity.

Wallahu ‘Aasimuhoo wa Jibrilu khaadimuhoo wa’l Buraaqu markabuhoo
Wa’l Mi’raaju safaruhoo wa Sidratu’l Muntahaa maqaamuhoo Wa Qaaba Qawsayni matloobuhu Wa’l matloobu maqsooduhu wa’l maqsoodu mawjooduhoo
Allah is his Protector (against all mischief) and Hadhrat Jibreel ‘Alayhissalam attends on him frequently.
The heavenly Buraq is his conveyance and Mi’raj is his journey to You.
Sidhratu’l Muntaha (farthest point in the heavens) is his station. His objective was “Qaaba Qawsain” (to draw nearest to Allah) - the objective was reached and the goal covered.

Sayyidi’l Mursaleen Khaataman-Nabiyyeen
Shafee’il mudhnibeen Aneesi’l ghareebeen Rahmatalli’l ‘aalameen
Raahati’l ‘Aashiqeen Muraadi’l Mushtaaqeen Shamsi’l ‘Aarifeen
Siraaji’s Saalikeen Misbaahi’l Muqarrabeen Muhibbi’l fuqaraa-i wa’l ghurabaa-i wa’l masaakeen
He is the leader of the Messengers of Allah and the last in the line of Prophets; the intercessor for sinners, a close friend of strangers, mercy indeed for all the worlds, comfort for those who love him and the one desired by yearning souls, the sun of the gnostics, and the lamp for those who travel on the path to Allah, and the light for those who are drawn to Allah, the lover of the poor, the strangers and the needy,

Sayyidi’th Thaqalain Nabiyyi’l Haramain Imami’l Qiblatain Waseelatinaa fi’d-daarain Saahibi Qaaba Qawsain
Mahboobi Rabbi’l mashriqain wa Rabbi’l maghribain Jaddi’l Hasan-i wa’l Husain
Mawlana wa Maula’th Thaqalain Abi’l Qasim Muhammad ibni ‘Abdillah Nurin-min-Nurillah
Prophet of the two sacred centres (of Makkah and Madinah), leader of the two Qiblas (the Ka’ba and originally, Masjid Aqsa), our mediator and support in both the worlds, honoured with the “Qaaba Qawsain” (one who drew closest to Allah, a distance of two bows length or even less) - the Beloved of the Lord of the two easts and the two wests; the grandfather of Sayyidina Imam Hasan and Sayyidina Imam Husain, our patron and the patron of all jinn and people, the father of Qasim, Muhammad, son of ‘Abdullah, who is the light from Allah’s Light.

Yaa ayyuhal Mushtaaqoona bi Nuri jamaalihee Salloo ‘alaihi wa aalihi wa as’haabihi wa sallimoo tasleemaa.
Therefore, O lovers of the light of the beauty of Muhammad!
Invoke blessings on him, his family and his companions, and salute him with a worthy salutation.

Allahumma Salli wa Sallim wa Baarik ‘alaih ‘adada khalqillah alfa marrat