An old song, with many versions. Here are a couple of recent ones that have made it here:

http://mudcat.org/@displaysong.cfm?SongID=6394
http://mudcat.org/@displaysong.cfm?SongID=6983

And here is one I heard in Scotland:

THE WHEEL

A sailor told me before he died --
I don't know whether the bastard lied --
About a maid with a **** so wide
That she was never satisfied.

So she built a fucking great wheel,
Two balls of brass and a prick of steel;
The balls of brass were filled with cream,
And the whole fucking issue was driven by steam.

Round & round went the fucking great wheel,
In & out went the prick of steel,
Until at last the maiden cried,
"Enough! Enough! I'm satisfied!"

Now we come to the bitter bit:
There was no method of stopping it.
The maid was split from **** to tit,
And the whole fucking issue was covered in

Sweet violets, sweeter than the roses,
Covered all over from head to toe,
Covered all over with shit! shit! shit!

There is a moral to this ditty:
Keep well in touch, both **** and titty,
And do not use a prick of steel:
Use mine instead -- it's warm & real.

Ah, so!

-- Sung, to the tune of Old Hundred ("Praise God, from whom all
blessings flow"), by students at St Andrews University, Scotland,
1959

An exhaustive essay on this song, by one Jonathan Lighter, was published in 2009. It contains many texts and comparisons with related themes.