The rhyme I learned from my Dad (1907 - 1984) was complete nonsense and I have no idea where he heard it - or why he learned it off by heart. Nevertheless, I have made sure my kids know it and my grand-daughter too; she does skipping to it.

Once in China there lived a man
And his name was Chikarak-a-chee chi chan
Chickarak-a-chee chi chandi claus
Alabalawak, alabalawak,
Oto oto itty itty ossify
Itty itty ossify T E Joe!