I found it through the Oscar Brand version:

This cowboy told me before he died
and I got no reason to think he lied
Though he tried for the most his life
He never could satisfy his wife.

(Chorus)
(c)Round and round went the great big wheel
(c)in and out went the rod of steel.
(c)I'll lay you money on a sure fire bet
(c)that the great big wheeeeeel is a' turnin' yet!

so he mounted him up a great big wheel
and there upon a rod of steel
two brass chambers a' filled with cream
and the whole damn thing was a' run by steam.

Chorus

Well he rolled it in through the bedroom door
and the wheel started up with a great big roar.
It rolled to his wife and it rolled on top
And it pumped and steamed 'till she hollered stop!

Chorus

But the monstrous wheel just rolled on through
till the cowboy's wife, she was split in two.
As if possessed of a monstrous whim
it turned around and it mounted him.

Chorus

Then it rolled to the gate and it steamed real fast
mountin' folks just strollin' past.
It covered them over with grease and cream
and it disappeared in a cloud of steam.

Chorus

So if someday you should see a wheel
with two brass balls and a rod of steel.
run for the prairie or over the hill
unless you're lookin' fer a long time thrill

Oh! round and round went the great big wheel
in and out went the rod of steel
I'll lay you money on a sure fire bet
that the great big wheeeeeeeel is a turnin' yeeeeeet!