These lyrics are very similar to those in the DT:

From Songs of the British Isles by Max Spicker, 1909, page 24 (which also has the musical notation):

TWANKYDILLO
Sussex

1. Here's a health to the jolly blacksmith, the best of all fellows
Who works at his anvil while the boy blows the bellows;

CHORUS 1: Which makes my bright hammer to rise and to fall;
Here's to old Cole, and to young Cole, and to old Cole of all!
Twankydillo, twankydillo, twankydillo, dillo, dillo, dillo,
A roaring pair of bagpipes made of the green willow.

2. If a gentleman calls, his horse for to shoe,
He makes no denial of one pot or two,

CHORUS 2: For it makes my bright hammer to rise and to fall;
Here's to old Cole, and to young Cole, and to old Cole of all!
Twankydillo, twankydillo, twankydillo, dillo, dillo, dillo,
And he that loves strong beer is a hearty good fellow.

3. Here's a health to King Charlie, and likewise his queen,
And to all the royal little ones where'er they are seen:

CHORUS 3: [Same as Chorus 1.]