As printed in the University of St. Andrews Students' Union Song Book (1958) & sung at St Andrews about that time, it had the chorus

Wake for the fal-lal-lal-lal-lido,
Wake for the fal-lal-lal-lal-lido,
Wake for the fal-lal-lal-lal-lay!
To-morrow is a holiday.

Most of the stanzas are standard & pretty much as above, but the last one is

Whisky is the remedy
For every kind of evil;
But in the course of time,
It sends you to the deevil.

A U.S. college version in The New Song Fest (1954) has this follow-up to the "runs & tells his mother" stanza:

The little boy who gets a kiss and runs and tells his brother
Does a very useful thing, and brother gets another.

It also has three stanzas for skiers, and one for lumberjacks.