I remember that rhyme - I'm 15 so it wasn't that long ago that I used to do that. I would always sing along but never be quite sure of the lyrics, but ours went:

S-chigo chigo
chigo chigo chopsticks
S-sayanora
Valo, valo,
The toilet overflows go
1, 2, 3, 4, 5!


Sometimes it was "tigo or chigo" and "valo valo valo" instead of "the toilet overflows". We also would sometimes go to 10.

It's fun, we still sometimes do it when we're bored and it's cold outside, so we can all sit in a warm circle, haha! Oh and I live in Canada, Ontario.