I learned this version in Elementary school in North Carolina.

Down in the banks with the hanky pants
Where the bullfrog jumps from bank to bank
Singing epes ipes opes oops chilly willy ding dong
I pledge allegiance to the flag
Justin Beiber makes me gag
Coca-Cola brought him up now we’re talking 7 up
7 up has no caffeine now we’re talking Billy Jean
Billy Jean ran out of sight now we’re talking dynamite
Dynamite blew up the school now we’re talking really cool
10, 9, 8, 7, 6, 5, 4, 3, 2, 1.

The last person clapped obviously being out. When two people were left they would lock hands so that one person’s arms were crossed and the others wasn’t. They would then sing the song and try to make sure their arms weren’t crossed at the end.