I am 83 and learned this as a kid from my mother: the first versr and chorus are very like the one posted, and I learned 2 more verses"
Today they seem somewhat gory, but didn't seem to bother us as kids.

Oh, have you heard this story of late
For if you haven't its in my pate
About a mighty potentate,
The King of the Cannibal Islands.
Hokey, pokey, winky, wunk
Kal-i-ma-ko, ma-ku, ma- kunk
Hangery,changery,chingery, chunk
The King of the Cannibal Islands.

Woman puddin' and baby sauce (somehow we did not find this scary)
Little boy pie for second course
He swallowed then all without remorse
The King of the Cannibl Islands.
(Chorus)

The worst of my story remains to be told
He died of eating a clergyman cold
And that was the end of this perate so bold
The King of the Cannibal Islands.
(Chorus)