Yet another version is performed by the Renaissance festival group Empty Hats. The lyrics are as follows: (copied from http://www.renaissancefestivalmusic.com/lyrics/2006/07/two-magicians.shtml )

A lady sits at her own front door
Waitin' on her man
By there came a lusty smith
With his hammer in his hand

Saying, "You are such a maiden fair
All in your robes of red.
Will you take me in your arms
And have me in your bed?"

"Away, away you coal blacksmith
What you do say is wrong
Dost thou think a lass like me
Can be had for just a song?"

He sang, "Bide, lady bide.
Your lust for me don't hide.
This lusty smith will be your love
So lay aside your pride."

So the lady she took out her wand
Held it high in her hand
And she turned herself into a cloud
Saying, "Catch me if you can."
So the blacksmith shook his hammer
And it turned into a magic stick
So he became a lightning bolt
For to zap into her quick.

So the lady she turned into a fish
Swimming in the book
So he became a fishing rod
For to Catch her with his hook
But the lady she turned into a fly
And flew up into the air
So he became a hairy spider
For to drag her into his lair

So the lady she turned into a rose
Rose bush in the wood
So he became a bumblebee
For to sting her where she stood
OUCH! But the lady she turned into a horse
Dark as the night is black
So he became a golden saddle
For to climb onto her back

So the lady she turned into a man
Cleared upon him good
So he became a bonny lass
And she took him where he stood