I have heard this song maybe 3 times. The "found" lyrics, and the "correct" tune sounded just a litle different than I heard at the Great Cheasapeake Bay Schooner race. The music was simpler, with a beat to clap or stamp to, and the words were a little more colorful. WE suspect it was as his daddy taught him, as if it had been passed down. A much better drinking version. Only by getting the lyrics here could I understand the recording made there.   
Thanks,
Paul