I have two recordings of this song, both by Oscar Brand; one on Back-Room Ballads (CMS Records CMS-101) from 1949, and the other from American Drinking Songs (Riverside Records, RLP 12-630) from 1956. I have my scholarly qualms with Brand, but as a musician and finder of material, he's hard to rival. Both recordings are materially identical, except the last two verses. Unfortunately, Back-Room Ballads album has no liner notes whatsoever; American Drinking Songs reports the following:

In Minneapolis, many years ago, a bar-side acquaintance sang me pieces of this favorite lumberjack song. I filled in the gaps later on and thought I was very daring. But, in England, Alan Lomax told me that I was singing a bowdlerized version of what he considered America’s rowdiest song. I would have gotten the real verses, but we ran out of Guinness and the party broke up early.

Below is my transcription of the 1949 recording.

RED LIGHT SALOON
(Oscar Brand)

It was early one morning I walked into town
And in sweet recreation, I wandered around
When I spied a hotel in the late afternoon
That was sporting a sign, said The Red Light Saloon

So I boldly walked in and stepped up to the bar
And a pretty young maiden said "Have a cigar"
Well I took that cigar with a "Thanks for the boon"
But she said "That's our way in the Red Light Saloon"

Then she mussed up my hair and sat down on my knee
Saying "You are a lumberjack, that I can see"
Saying "You are a logging man, that we all know
For your muscles are hard from your head to your toe"

She proceeded to try if my muscles was right
And I smoked that cigar without striking a light
And my head starting rising just like a balloon
From the treatment I got at the Red Light Saloon

It was early one morning, I bid her goodbye
She waved from the window with a tear in her eye
So I did not discover til next afternoon
That my wallet was still in the Red Light Saloon

Well I cursed that young maiden til the forest turned blue
And with women and whiskey I swore I was through
But I knew as I swore I'd give my fortune
Just to be back again in the Red Light Saloon

/ / / / / /
And finally, the two slightly different verses from the 1956 recording, sang in place of the 5th and 6th verses above.

It was early one morning, I bid her goodbye
She waved from the window with a tear in her eye
So I did not discover til the middle of June
I was carrying a keepsake of the Red Light Saloon

Well I cursed that young lady til the Heaven turned blue
And with whiskey and women I swore I was through
But with all of my swearing, I'd give my fortune
Just to be back in bed at the Red Light Saloon