I sing this songs regularly through work in toddler groups in England.
We sing:

Down by the banks of the Hanky Panky
Where the bullfrogs jump from bank to banky
they go hip hop
bellyflop
one missed the lilypad and went kerflop!

Recently I've recieved a complaint from one mother about the phrase 'hanky panky', thinking it was sexually inappropriate!
If the world continues along this line of hyper political correctness, i suppose we might lose this song altogether...