I first heard the song from the New Lost City Ramblers about 1962; it's on NLCR volume 4 (and re-released on CD as The NLCR;The Early Years) they credit the Leake County Revelers, CO 15318. Having heard both, the Leake. Co. group's version is slower, and as Stewie says, repeat the owl verse 2X. I can't understand the garbled verse either. The NLCR sing it more up-tempo and with the words covered by Ry Cooder (though I have never heard him) as given by Aine above. I would say the NLCR are "responsible" for getting the song back into circulation; one more reason to be grateful to Messrs. Seeger, Cohen, Paley and Schwarz.