The "Old Mill Stream" song i have heard goes thusly:

Down by the old (not the new, but the old)
Mill Stream (not the river, but the stream)
Were I first (not second, but first)
met you (not me, but you)
you were 16 (not 17, but 16)
you were my queen (not the king but the queen)
Down by the old (not the new, but the old)
Mill Stream (not the river, but the stream)

this was a song we sang at camp