Never heard of "Inky pinky ponky" but we had a similar one (NE Cheshire, UK, early 50s)

Charlie, Charlie, chuck chuck chuck
Went to bed with three young ducks
One duck died
Charlie cried
Charlie, Charlie, chuck chuck chuck


In England a saveloy is a boiled sausage, very bright orangey pink and about 9 inches to a foot long, sometimes served deep fried in batter. I believe the name derives from "cerebellum" as it was originally made from the brains of animals, and is similar to a German Cervelatwurst