Yes, 125 or so words is few enough you can even memorize them alphabetically. Its about the size of a flash card stack for a natural language.
This is the list I compiled, it merges the classic list, jan Sonja's incomplete wiki (which is the most recent from jan Sonja) and shows the Esperanto and the English. Because the current wiki is incomplete, it is less influential than the classic list (which is the word list that was on the jan Sonja site just before it switched over to the wiki).http://tokipona.net/tp/ClassicWordList.aspx
jan Kipo is working through a new list which has definitions based on his years of monitoring actual tp usuage: http://tpnimi.blogspot.com/
which can vary from the classic list. He's up to P, and I highly recommend this one.
This is the list of words that are single, base words, but have some sort of cloud over them:viewtopic.php?f=5&t=1216&p=6010
Either they are deprecated, were
Also, some of the word lists make a big deal of the word origin. jan Sonja doesn't speak all the language that tp borrowed words from, so it's not really convincing to imagine a tp word word like it's parent language. The semantic range of most tp words, in my opinion are very English like, for example, "break" works just like the English counterpart--expresses a middle voice when intransitive, i.e. mi pakala e ilo, I break tools vs ilo pakala (the tool is breaking due to an unnamed force)
Now the big secret about toki pona is that the number of lexicalized phrases (phrases you have to memorize as if they were a word) is huge, jan Kipo's dictionary has 1 thousand plus entries. Without memorization, there is no way to know that waso pona means chicken (and has a canonical jan Sonja usage attested on the wiki)