Here is how I learned to sing it from my grandmother:

Oh, there was an old devil and he had a wooden leg,
He never had tobacco so tobacco he would beg,
But another old devil was sly as a fox,
he always had tobacco in his own tobacco box
Said the first old devil won't you give me a chew?
Said the second old devil I'll be darned if I do!
Save up your money, and pile up your rocks,
and you'll always have tobacco in your own tobacco box.
Oh-ohhhhh, Hell's a floatin and the devil can't swim.
We'll all go to heaven on a hickory limb.