My transcription from the recording at YouTube:

YOU CAN'T WALK BACK FROM AN AEROPLANE (SO WHAT ARE YOU GIRLS GONNA DO?)
As sung by Billy Jones and Ernest Hare (The Happiness Boys) on Columbia 1141-D, recorded Sept. 28, 1927.

1. Bill, we've had it mighty tough.
Girls have fooled us long enough,
And we've let 'em go on and deceive us. (They sure have fooled us!)
They want food and then besides,
They want nice long auto rides,
But try and kiss 'em and they up and leave us.
After they get all they want, they walk home; they don't care,
But, girls, we soon will take you out a-riding through the air—

CHORUS 1: And you can't walk back from an aeroplane,
So what are you girls gonna do?
When all those future Lucky Lindys want some squeezin',
A girl who has good sense will have to listen to reason,
For there's air, air ev'rywhere,
And not a drop to walk on; it's true.
Gee, what a time the married men will have, I declare!
Their wives won't have a chance to have them watched way up there,
And you can't walk back from an aeroplane,
So what are you girls gonna do?

2. Girlies, take this good advice.
Think it over once or twice.
Keep it in your mind and don't forget it. (It's good advice, girls.)
Now, start today and just prepare
For your joy-ride through the air.
If you don't, you surely will regret it.
Now, when you're miles high in the sky, the fellows are the kings,
So if you want to be sweet angels, start in growing wings—

CHORUS 2: For you can't walk back from an aeroplane,
So what are you girls gonna do?
For as you climb up to the sky, you'll have to start in spooning.
Oh, me, oh, my! He'll make you sigh for real honeymooning,
For there's air, air ev'rywhere,
And not a drop to walk on; it's true;
And if a girl should fear that anything might go wrong,
For safety's sake, you'd better take a preacher along,
For you can't walk back from an aeroplane,
So what are you girls gonna do?

CHORUS 3: And you can't walk back from an aeroplane,
So what are you girls gonna do?
When he begins to loop-the-loop and starts to do a glider,
There's not a single girl who'll have a conscience to guide her,
For there's air (air), air (air) ev'rywhere,
And not a drop to walk on; it's true.
I know some girls will scream: "You stop, or out I will go!"
But if he doesn't stop, she'll stay when she looks below,
And you can't walk back from an aeroplane,
So what are you girls gonna do?