Our version which I learned in Biggsville, Illinois, was so much fun, I tought to all the kids I baby-sat for when we moved to nearby Monmouth with the result that I never had just my charges to care for, but all the kids on the block.
Mom was the pipe smoker, the witch was the conniving kid stealer, lots of fun squealing and trying to escape mom's spanking every Saturday night, and a guessing game after each spanking when the witch returned with the child. The basic rhyme:

IOur version which I learned in western Illinois, was so much fun, I taught it to all the kids I baby-sat for with the result that I never had just my charges to care for, but all the kids on the block.
Mom was the pipe smoker, the witch was the conniving kid stealer, lots of fun squealing and trying to escape mom's spanking every Saturday night, and a guessing game after each spanking when the witch returned with the child. The basic rhyme:

I'm a-goin downtown to smoke my pipe
And I won't be back til Saturday night.
By the hair on my chiny-chin-chin,
If you dare let that old witch in,u
I'll spank you with my rubber shoe
Until your hide is black and blue.

When the witch comes, she's disguised as "a poor widow" with nothing to feed her starving children.  She appeals to the older (charitably sympathetic)  child to fetch a jar of fruit from the cellar against the admonitions of the youngest (fearfully suspicious) child who insists this violates their Mother's instructions. Witch steals one kid, oldest child returns from cellar to angry and frantic chiding from the remaining siblings. Mom comes home, spanks everyone,

Witch returns with (imaginary) paper bag containing the kidnapped child now  transformed to a kind of fruit known only to the two of them. Informs Mom she can have kid back only if Mom can guess what kind of fruit the kid is now. A successful guess transforms the kid back to him:herself and Witch leaves, disgruntled  Otherwise Witch takes the fruit (kid) back to her house. Kids argue about why they guessed wrong or who can take credit for a correct guess creating such a rumpus that of course Mom recites the poem again and heads off for a good, long smoke.  kids fall for the Witch's "widow" scam again, etc, with Witch bringing all the stolen kids back for Mom to potentially redeem following each round of spankings. Kids can end up passing back and forth between the two antagonists with no end tho the Witch declares herself winner if she succeeds in getting all the kids.

I wonder what it is about old women with too many  children...is there a connection between this and the woman who lived in a shoe?  
Maralyn Dossey