From the 1963 edition of Song Fest (from the Intercollegiate Outing Club Association ed.by Dick and Beth Best)

HORSES RUN AROUND

The horses run around, their feet are on the ground,
Oh, who will wind the clock while I'm away, away,
Go get the axe, there's a hair on baby's chest,
Oh, a boy's best friend is his mother, his mother.

While looking out the window, a second story window,
I slipped and sprained my eyebrow on the pavement, the pavement,
Go get the Listerine, sister has a beau,
Who cut the sleeves off father's vest, his vest.

A-peeking through the knothole, in grandpa's wooden leg,
Oh who has built the shore so near the ocean, the ocean,
Go get the alcohol, Willy wants a drink,
Grandma's false teeth will soon fit baby, fit baby.

While walking in the moolight, the bright and sunny moonlight,
She kissed me in the eye with a tomato, tomato,
We feed the baby garlic so we can find him in the dark,
An onion is a husky vegetable, a table.

She spanked him with a shingle, and and made his panties tingle,
Because he socked his little baby brother, his brother,
A snake's belt slips, because he has no hips,
And he wears his necktie round his middle, his middle.