I knew it as "when I found myself sailing like this", and the verse was repeated several times, but on each repeat there was a new action added. At first a fan with one hand, then both arms would cross and recross, then you would rock back and forward, then one leg would raise, then both ....We would of course be sitting on the floor at the time, so by the time both legs were going it would bring the song to a halt with the giggles. I learnt it in the Guides, in the 60s, and have since taught it to children I've worked with.