Teribus,

That one's a parody of The Green Eye of the Little Yellow God or Mad Carew or whatever they call it. I've only ever heard it done as a recitation, in the same way as Eskimon Nell. The version I know starts:

There's a little green urinal to the North of Waterloo.

The usual song sung to "The Tangle o' the Isles" is in the DT Database as THE FINEST FUCKING FAMILY. That version shares a couple of lines with the Talulah song, but many versions don't. And there's a version which claims D'Ye Ken John Peel is the tune