I learned the words from Jester Hairston himself, so presuming 20 years hasn't damaged my memory TOO badly:

(It's calypso-style, so all the "thing" should be pronounced "t'ing", etc.)

chorus:
Gossip, gossip, evil thing
Much unhappiness it bring
If you can't say something nice
Don't talk at all is my advice

Once I told me friend me secret
And he promise not to tell
Now community and strangers all know me secret very well

(chorus)

Take me wife, now, there's a gossip
What an ear for news has she
Knows a thing or two about everyone in our whole community

(chorus)

If there's one thing 'bout a gossip
Let me tell you this is true
If you tell she 'bout somebody, she tell somebody else about you