That must be a true folk song, because I remember it with a whole different set of words:

I had a friend named ramblin' Bob.
He used to steal and gamble and rob.
He thought he was the smartest guy around.
But I found out about Monday,
They caught onto him Sunday,
They got him in the jailhouse in the town.

He's in the jailhouse now.
He's in the jailhouse now!
Well, they told him once or twice,
Quit playing cards and shootin' dice.
He's in the jailhouse now.