The one I remember from elementary school in the south was:

Down by the banks of the hanky panks
Where bullfrogs jump from bank to bank
Sayin eeps ips oops oups
Silly Willy ding-dong
I pledge allegiance to the flag
Michael Jackson makes me gag
Coca-Cola burned him up
Now we're talkin 7up
7up has no caffeine
Now we're talkin Billy Jean
Billy Jean was out of sight
Now we're talkin dynamite
Dynamite blew up the school
Now we're talkin really cool
Really cool is really neat
Now we're sittin on the street
10 9 8 7 6 5 4 3 2 1

Whoever landed on 1 was out

Really cool to read all the different variations and how far off some of these verses can be. I wonder what the official original of this song was?