I sang this soooo much as a kid in Shoreview, Minnesota in the late 60's, early 70s:
Down by the banks of the hanky panky
Where the bullfrog jumps from bank to banky
With an eep - opp - oap - opp
Ease off a lily with a...
Ker-PLOP!

We sang it as a round, it sounds very cool like that :)
Feeling very nostalgic here, and impressed that this has been documented to be chanted in so many different forms all the way around the world.

Mary