Cecil Sharp noted in the first decade of the 20th century a version from Sister Emma ( an Anglican nun ) living in Clewer , Berkshire and responsible for running a children's home for waifs and strays of the locality. I reckon she came from the North East of England because she had many NE songs in her repertoire eg Dance to thee Daddy. Many of her songs were sung to the children in her care. Her version only has a simple refrain "Fol de rol de rol de ray".
As far as it being considered unsuitable material for children, I can name two children locally from different families who have learnt the song from a recording I made some years ago and consider it good fun to sing. Their parents are trained teachers and quite non-violent. The song has not turned their children into rampaging monsters yet....