in Rochester, NY it goes like this

down by the bank of the hanky pank;
where the bullfrogs jump from bank to bank;
saying E-I-O-U;
yo momma stank and so do you;
so ping pong donkey kong;
martin luther king jr;
mickey mouse bought a house;
donald duck messed it up;
he couldn't pay the rent;
so he got kicked out;
O-U-T;
out

we would do process of elimination by eliminating whoever got to the letter -T they we would start over the song until we got to the last person