My mother taught this song to me when I was a little girl in the 80's. I'm 31 now and we still get silly and sing it together as a round every now and then. My mother was born in 1939 and she remembers learning it as a little girl herself, so the earlier post about being dated back to the 40's seems right to me. The lyrics my mother taught me are as follows:

White coral bells upon a slender stalk
Lily-of-the-Valley deck my garden walk
Oh how I wish that you could hear them ring
That will happen only when the fairies sing

I believe this is different than any other lyrics posted in this thread because of the "that you could hear" instead of "that I could hear" but all in all it's the same song and a very lovely one at that. I will forever treasure this song and will pass it on to my children if I have any in the future. It will always remind me of my mother and will keep her close to my heart forever.