From this web-journal is another variation and tune:
http://www.joannemerriam.com/journal/2001/nov01/01a.html

Tracey and Duane taught me this song (loosely to the tune of "She'll Be Coming Around The Mountain"): "There's a skeeter [i.e. mosquito] on my peter whacking off./ There's a skeeter on my peter whacking off./ There's a dozen on my cousin,/ I can hear the fuckers buzzin'./ There's a skeeter on my peter whacking off."

Sincerely,
Gargoyle