I learned this from an old LP by The Limeliters, "Through Children's Eyes."

LOLLIPOP TREE^^^
(Joe Darion, lyrics; George Kleinsinger, music)

One fine day in early spring,
I played a funny trick.
Right in the yard behind our house
I planted a lollipop stick.
Then every day I watered it well
and watched it carefully.
I hoped one day that stick would grow
to be a lollipop tree.

CHORUS:
    Ah ha ha, Oh ho ho, What a place to be.
    Under my lollipop, lollipop, lollipop,*
    Lolli-lolli-lollipop tree.*
    Under my lollipop, lollipop, lollipop,*
    Lolli-lolli-lollipop tree.*

Then one day I woke to find
a very lovely sight.
A tree all full of lollipops
had grown in the dead of night.
Well, I sat beneath the wonderful tree
and looked up with a grin,
And when I opened up my mouth
a lollipop dropped right in.

CHORUS

But winter came and days grew cold
as winter days will do.
And on my tree, my lovely tree,
not one little lollipop grew. (crying sound)
From every branch an icicle hung,
the limbs were bare as bones,
But when I broke those icicles off
they turned to ice cream cones.

CHORUS (twice through)

No credits are given on the lyric sheet with the album except "By permission @ Amadeo Music" The whole album was one of my kids' favorites when they were young. Other songs on the album included This Train; The Whale; Grace Darling; Morningtown Ride; I Had A Mule; Run, Little Donkey, Run; and The Riddle Song, to name a few.

Reiver 2

Note from Joe Offer 16 Sep 2015: This is a very accurate transcription of the recording by the Limeliters on their Through Children's Eyes album. Lead singer on the recording was Glenn Yarbrough.

https://www.youtube.com/watch?v=u8NP5g4WAVc