As I recall Oscar Brand's version, it was a combination of a sea chantey and the horny camel lyrics. I don't know if Brand's version was collected by him or whether he just put things together and made it up.

The enlisted men ride in a motorboat,
The Captain he rides in a gig,
It ain't that he rides any faster,
But it makes the old bugger feel big.

Chorus:
Singing too-ra-lye yoo-ra-lye yoo-ra-lye,
Too-ra-lye yoo-ra-lye yea,
Too-ra-lye yoo-ra-lye yoo-ra-lye,
Too-ra-lye yoo-ra-lye yea.

The enlisted men ride in a motor launch,
The Captain he rides in a barge,
It ain't that he rides any better,
But it gives the old bugger a charge.

(chorus)

The enlisted men sleep in a hammock,
The Captain he sleeps in a bed,
It ain't that he sleeps any better,
But he's twenty feet nearer the head.

(chorus}

Now the sexual life of a camel,
Is not quite what everyone thinks,
One night in an excess of passion,
He tried to deflower the sphinx.

Now the sphinx's posterior region,
Is washed by the sands of the Nile,
Which accounts for the hump on the camel,
And the sphinx's inscrutable smile.

(chorus)

Hope that helps,

      - Mark