I found a YouTube video of Arlo singing this song.
http://www.youtube.com/watch?v=6w25NDiC0Zw

Arlo made a few changes to the lyrics:

MY PEACE
(Words by Woody Guthrie, Music by Arlo Guthrie)

My peace, my peace is all I've got, that I can give to you;
My peace is all I've ever had, it's all I ever knew
I give my peace to green and black, to red and white and blue
My peace, my peace is all I've got, that I can give to you.

My peace, my peace is all I've got, it's all I've ever known
My peace is worth a thousand times more, than anything I own
I pass my peace around and around, 'cross hands of every hue;
My peace, my peace is all I've got, that I can give to you.