I agree with Ruf on this one. I would not undertake any kind of lessons or systematic teaching with a child that young. Instead, you can explain that learning to read takes a long time and a lot of work, but you would be happy to answer any questions she has. If she asks you what a word is, you can tell her. If she asks why a word says something, you can explain what sound each letter makes. If she wants you to point at words as you read, you can do that. In other words, I'd let her be in charge of her own learning and just think of yourself as her assistant. Then she can learn in her own way and her own time.
