I learned a different version from my Dad...PA coal mining region:

Main singer, then each row repeated by followers and embellished where noted [ ]

Old Ikey Stein,
A friend of mine,
Just for a joke,
He bought a goat.

One day that goat
Was feeling fine,
And ate three red
Shirts off the line.
[Shirts off the li -i -ine]

Old Ike got mad,
Gave him a whack,
And tied him to
The railroad track.
The whistle blew,
The train drew nigh,
And that poor goat was doomed to die
[Was doomed to die ie ie]

He gave three groans
of awful pain,
Coughed up the shirts,
And flagged the train!
[And flagged the tra a ain!]