This post is the closest I have found to a version that is in my head but for the life of me cannot remember from where or who or if it's even close. It goes something like this, remembering it is purely for kids:

Our kids lost his marley
Our kids lost his marley
Our kids lost his marley
down in granny's yard

It rolled up the drainpipe
It rolled up the drainpipe
It rolled up the drainpipe
down in granny's yard

He went and got a broomstick
He went and got a broomstick
He went and got a broomstick
down in granny's yard

He shoved it up the drainpipe
He shoved it up the drainpipe
He shoved it up the drainpipe
down in granny's yard

He couldn't reach it
He couldn't reach it
He couldn't reach it
Down in granny's yard

So he went and got a clothes prop
So he went and got a clothes prop
So he went and got a clothes prop
Down in granny's yard

He shoved it up the drainpipe
He shoved it up the drainpipe
He shoved it up the drainpipe
Down in granny's yard

He still couldn't reach it
He still couldn't reach it
He still couldn't reach it
Down in granny's yard

Repeat verses with "a hosepipe"
Then after "he still couldn't reach it":

He went and got some gunpowder
He went and got some gunpowder
He went and got some gunpowder
Down in granny's yard

He shoved it up the drainpipe
He shoved it up the drainpipe
He shoved it up the drainpipe
Down in granny's yard

He set a light to it
He set a light to it
He set a light to it
Down in granny's yard

He blew up the drainpipe
He blew up the drainpipe
He blew up the drainpipe
And half of granny's yard

It were in his pocket
It were in his pocket
It were in his pocket
All the bloody time