I learned this from my German Grandparents. Here is what I remember clearly.
Head- either Tommyknocker or topnotcher
Eye- Eye Blinker
Nose- Nose Blower
mustache- cookie Duster
mouth/teeth- Food grinder
chin/mouth- chin chopper
Chest- Air blower or chest protector
arms- baby hugger (but I think my grandmother made that one up for herself)
stomach- bread basket
knee bender-
foot stomper

the refrain

inky, dinky, dinky do that's vat I learned in the schule
Yahvo !! (I don't know how to write this word, it is said loudly and sounds like Yah Voe) a German exclamation I think.