Consider another verse:
Here comes Sal with a 10' pole (2X)
Gonna twist that whistle pig out of his hole etc.


dictionary.com has a number of definitions of stave including to "burst or force a hole in something" and "a rod, stick, pole or the like" both of which might work considering the verse above.
Groundhog is one of my favorite banjo tunes but I've never heard that verse. Thanks.