Here is a 2004 version from a Pi Beta Phi sorority which combines it with another ditty (retrieved from here):

Way above a Pi Phi's garter, way above her knee...
lies the secret of her honor...
her virginity.
Roll her over oh so gently,
roll her in the grass. T
his is what men live and die for,
a piece of Pi Phi a*s.
Take him to a deep dark corner
where the lights are low.
Place a hand upon his shoulder,
the other down below.
When he starts to shake and shiver
and he asks you "Why?".
Tell him it's the secret handshake of Pi Beta Phi.