THis is the version I recall:

Up in the air, Junior Birdmen,
Up in the air and upside dow-ow-own
Up in the air, Junior Birdmen,
Keep your noses to the ground.

And when you hear the grand announcement
That they've won their wings of ti-i-in,
THen you know the Junior Birdmen
Have sent all their boxtops in.

It takes 5 boxtops,
4 bottom-bottoms
3 wrappers,
2 labels,
And one, just one, thin di-i-ime!

I learned it in the 50's in Southcentral PA.