I remember singing this at school in Cupar, Fife. Everything was narrated in a fake American showman's accent and each verse had a punchline. E.g. In this cage we have the leo-le-PARD, so called because it has 365 spots, one for each day of the year. No madam that's not a leap year, that's its hole!

After the winky wanky it was - no madam, stop throwing sand in its eyes!

In the version I learned it was the upitsownanus bird. It flew in every decreasing circles until the ineveitable happened.