Here's my transcription of a recording from Stringbean (David Akeman), on his album A Salute To Uncle Dave Macon (Starday Records SLP 215 - listen. Interestingly, he very clearly sings "big cat" rather than "gray," possibly hence the name change.

TENNESSEE FARMER

Well, here's to the man, and he can if he will
Prosper in the valley of the Tennessee hills

CHO.
Oh, big cat spit in the little cat's eye
Little cat, little cat, don't you cry
I'm gonna see you, a-pretty Polly Ann

Got corn in the crib, money in the pocket
Got a baby at home and a pretty woman to rock it

CHO.

Last year was a good crop year, rose some ears and tomaters
Pap didn't make no corn a-tall, Lord, have mercy, the taters

CHO.

Last year, plowed a big bay horse, this year plowed a muley
'Ever I get my crop laid by, I'm going back home to Julie's

CHO.