Hi! This is the version I learnt at school (UK 1987 5yrs - 1993 11yrs)
Down by the banks of the Hanky Panky
Where the bullfrogs jump from bank to banky
they go hip hop
bellyflop
one missed the lilypad and went kerflop!

BUT! We had totally different clapping patterns - it's between 2 people only:
hold your hands together like you're praying and swing them from side to side, hitting your partners hands in time to the beat 3 times. On the 4th, stop with your hands touching left to left hand and your right hand claps first your own left hand, then your partners right hand above, your own hand again. As your move your right hand down, instead of clapping their hand, you grab it like a hand shake, pulling up and away to your right, moving your left hand in a similar way. As soon as you let go with your right hand (still holding hands with your left) you slap your thigh and click your fingers, bringing your hand back up to do a one handed swinging slap like at the beginning 3 times (STILL holding left hands!). I don't remember what we did after that - it only gets me to 'bullfrogs leap'. Maybe we repeated it? It def finishes with a patticake type slap at the end (no head bashing!). The aim was to go as fast as you could and still get it right.
Anyone else?!