I remember when i was in 6th grade Crowley Elementary ( Visalia, Ca year 1991 ) and we sung it like this:

down by the river of the hanky pank
where the bull frog jumped from bank to bank
going eep opp soda pop
Hey Mr Willy...and he went ker-plop


and if you were smacked on the sound plop...you were out..and the circle got smaller...man...RECESS was fun!!!!

remember double dutch!!!