Sinsull mentioned the version that John Roberts sings. I was just enjoying it recently, from his CD, "Sea Fever, Songs of Ships and the Sea" GHM-108 (2007) http://www.goldenhindmusic.com/. Here are the notes and lyrics from that site.

~ Becky in Long Beach

The Weeping Willow Tree

The Weeping Willow Tree was given to the Vermont collector Helen Hartness Flanders by Lena Bourne "Grammy" Fish of E. Jaffrey, NH. Since this version of The Golden Vanity has a twist in the tail, folklorists have suggested that Mrs. Fish rewrote the ending. I learned it from my dear friend the late Margaret MacArthur of Marlboro, VT.

A sailing ship was fashioned to sail the southern seas
    Down in the Lowlands low,
She was handsome, she was tall, and as trim as trim could be
The name of the ship was the Weeping Willow Tree
    This ship built in the Lowlands, Lowlands low,
    Born to ride the waves, hi, ho.

Her crew were hearty seamen, as brave as brave could be
    Lads from the Lowlands low,
Her decks were broad and wide, and as white as white could be
And on her sail was printed a weeping willow tree
    In this ship built in the Lowlands, Lowlands low,
    Born to ride the waves, hi, ho.

This worthy ship was chosen to sail the Spanish Main
    Far from the Lowlands low,
Our captain he was shrewd, he was also proud and vain
And he hoped by his shrewd dealings a fortune for to gain
    In this ship built in the Lowlands, Lowlands low,
    Born to ride the waves, hi, ho.

As our ship was sailing all on the southern seas
    Far from the Lowlands low,
We met a Spanish ship called the Royal Castilee
And they jeered at the crew of the Weeping Willow Tree
    This ship built in the Lowlands, Lowlands low,
    Born to ride the waves, hi, ho.

The captain called his cabin boy, as he had done before,
    A lad from the Lowlands low,
He said, Boy, you can swim, and your stroke is swift and sure
That sassy Spanish ship, she'll never reach the shore
    You'll sink her in the ocean low, low, low,
    You'll sink her in the ocean low.

In your hand you'll take an augur, and swim to her side
    For we're from the Lowlands low,
And there you'll bore a hole, and you'll bore it deep and wide
For five hundred pounds in gold and to be first mate besides
    You'll sink her in the ocean low, low, low,
    You'll sink her in the ocean low.

So that was the end of the Royal Castilee
    She sank in the ocean low,
Her lofty sails so high and her haughty air so free
They were buried in the depths of the raging southern sea
    We sunk her in the ocean low, low, low,
    We sunk her in the ocean low.

The cabin boy exclaimed, Sir, I now demand my fee
    You knave from the Lowlands low,
Five hundred pounds in gold you now must give to me
And I also am first mate of the Weeping Willow Tree
    This ship built in the Lowlands, Lowlands low,
    Born to ride the waves, hi, ho.

You'll get no gold from me, boy, for causing this wreck
    You thief from the Lowlands low,
And he took the cabin boy by the nap of the neck
And he threw him overboard from the Weeping Willow's deck
    He threw him in the ocean low, low, low,
    He threw him in the ocean low.

Ah, but he still carried the augur as he had done before
    The lad from the Lowlands low,
His heart was full of vengeance and his stroke was swift and sure
Instead of boring one hole, he bored twenty-four
    In that ship built in the Lowlands, Lowlands low,
    Born to ride the waves, hi, ho.

This ship was two hundred leagues from the shore
    Far from the Lowlands low,
The captain and his crew they never reached the shore
And the wilds seemed to say, Fare thee well for evermore
    To that ship built in the Lowlands, Lowlands low,
    Born to ride the waves, hi, ho.

But one brave hearty seaman escaped the raging sea
    'Twas the lad from the Lowlands low,
He was picked up by a ship, so it has been told to me
And he told to us the tale of the Weeping Willow Tree
    That ship built in the Lowlands, Lowlands low,
    Born to ride the waves, hi, ho.

---

John Roberts Recording: https://www.youtube.com/watch?v=9KNOhzVA2Ak