Older version:
Ol' Stewball, he was a recehorse,
An' I wish that he was mine.
He never drunk water,
But he always drunk wine.
(cho: Didn' he run,Lawd--
      Run all night long, Lawd, Lawd--
      Didn' he run, Lawd; run all night long?)
His saddle, it was silver
And his bridle, it was gold;
And the value of his harness,
It has never been told.
(cho)
Well, ol' Stewball was a white horse--
'fore they painted his hair red.
And he won a great fortune
Just before he fell dead!!
(cho)
Well I owe you 41 dollars,
But I have not got it to pay.
I will pay you that 41 dollars
When ol' Stewball wins another race.
(cho)
Well I often have wondered--
What makes women love men.
Then I look back and I wonder--
What makes men love them?
(cho)

I heard this version quite a bit in my childhood (late 1940s/early'50s).    Tw