Probably far too late now, but I have the album Peanut Butter Pie and managed to transcribe:

One ship is sailing
Over the deep blue sea
One sail is billowing
Billowing the sweet baby
Home flies the yellow bird
Down sinks the red, red sun
Close, close those sleepy eyes
Baby's day is done
Close, close those sleepy eyes
Baby's day is done.

One ship is sailing
Off to a faraway land
Blue water rippling
Kissing the silver sand
Blow, blow, the breezes blow
Cooling the baby's brow
Soft, soft, the breezes move
Baby's sleeping now
Soft, soft, the breezes move
Baby's sleeping now

One star is shining
High in the evening sky
Just over baby's head
Soft as a lullaby
That's where the Sandman lives
Down where the Sandman lies
Here comes the Sandman now
Closing the baby's eyes

(For future reference if anyone else comes looking!)