Someone more informed than me can correct the details, but as I've been told by a scholar of chanteys, Colcord had certain "unprintable" versions of chanteys that she collected but that she was not allowed to publish. I believe the manuscript is kept somewhere in the Pacific Northwest, maybe Univ. of Oregon?? That may have a less tidy version of "Cheer'ly."

If you are speaking generally, i.e. not just about Colcord, then of course there were no set lyrics. Samples of the types of lyrics that may have been sung appear in the various literary mentions to the song/chant. In the thread on Development of Chanties we've found that up to ~1870s the song appears in print at least 10 times -- more than any other shanty-- and some of those times, various verses are offered. Search through the thread on various spellings of "CHEER" and you'll see them.

One can always "read into" the printed lyrics and imagine their possible rude forms. I've sorta done that here: CHEERLY MAN

I am actually more intrigued by what seems to be a loss (???) of good knowledge of how this chant was supposed to sound (melodically/rhythmically/etc). The printed notation cannot, I believe, capture it properly, so unless we have a healthy oral/aural link from the past (do we??), our contemporary attempts to perform it are more or less off the mark.