Yes, you can make your own arrangement. However, you cannot change the lyrics or fundamental nature of the melody of the song, and permission to arrange is limited to your recording. This means you cannot release any sort of sheet music arrangement under this license.
If you want permission to change the lyrics, the fundamental melody, or the sheet music you need special permissions which can only be obtained through direct negotiations with the copyright holder. We can help you make your request with our Custom Licensing service.