The version I remember from recordings in the mid-1950s was by Turk Murphy's band.

Jim Dixon's transcription has it down pretty much as Turk & Co. played and sang it, except for "BVDs" in the closing lines. Turk ad-libbed it to "easy-breezers." This adds an extra syllable but still achieves a decent rhyme with "knees of."

It also identifies the garment in Turk's version not as a pair of modern, kneeless BVDs but as the original one-piece long johns or "Union suits," described above by Dale Huddlesceugh.

In the pre-elastic-band days early in the twentieth century, this traditional garment featured a drop-down back panel held in place by buttons or snaps -- hence the "easy" access to a passing breeze.

Such an arcane bit of Americana might possibly have been a slang term that Turk picked up during his wartime service in the Navy.