Does it have to mean something?
A typical nonsense song, and English is the language. It sounds calypso, but may have originated outside the Caribbean. It may be related to the Latin American melody variously titled Jannie Mama, Jenny Mama, etc.

Sheet music here: http://www.mtrs.co.uk/subscriptions/Downloads/support/vocal_activities.pdf
The song is labeled "calypso."

I have found nothing on its origin.