Kytrad, before I saw who created this thread, I thought, "Well, they should just ask Jean!"
I learned it from Jack Langstaff, and have played and taught the dance/game as follows:

V. 1 One child stands in the middle of a circle of parters who walk in a circle in promenade position, until
"Turn the glasses over" when the partner on the outside turns under the inside partner's arms, thus changing direction. Partners let go, and circle in opposite directions during the second verse, until
"lose your girl (partner) in the ocean"- the last syllable is spoken with vigor, and the child in the middle rushes with everyone to find a partner, thus leaving one child without a partner. This child is now "it" in the middle.

Only we sang "Drink all the brandywine"

However, in the public schools I teach "Drink all the lemonade"

I don't know Jack's source. I suspect it was Jean Ritchie!