The Collaborative International Dictionary of English v.0.48:

Poetize \Po"et*ize\, v. i. [imp. & p. p. Poetized; p. pr. &
   vb. n. Poetizing.] [Cf. F. po['e]tiser.]
   To write as a poet; to compose verse; to idealize.
   [1913 Webster]

         I versify the truth, not poetize.        --Donne.
   [1913 Webster]