We always sang it as the chorus to the hokey pokey, I.E.;

You ut you left foot in,
you take your left foot out.
You put you left foot in
and you shake it all about.
You do the hokey pokey,
and you turn yourself around.
thats what its all about.

Here we go loopty loo,
here we go loopty lye.
here wr go loopty loooooo.
All on a saturday night.

Chip2447