I always heard it as...

Down, down baby down down the rollercoaster
Sweet sweet baby, mama never let you go,
shimmy shimmy cocoa puff
shimmy shimmy pow
shimmy shimmy cocoa puff
shimmy shimmy wow
i like coffee, i like tea,
i like a white boy and he likes me
so stand back black boy you don't shine,
i got a white boy to kick your behind,
kick it rough, kick it tough, kick it till you get enough

I am VERY saddened that we said this in elementary school.