This is the version I learned from my grandmother in the early '40's, as remembered by my father. Oddly enough, as others have said, it did not bother me as a child.

Oh, have you heard the story of late?
For if you've not, 'tis on my pate.
Woman pudding and baby sauce,
And little-boy pie for a second course.
He never took less at a meal than three
This King of the Cannibal Islands.

But the worst of my story remains to be told.
It did not agree with his earthly mold.
He died of eating raw clergymen, cold,
This King of the Cannibal Islands.

The last words of this monarch bold
Were not bequeathing land or gold,
But warning all against clergymen cold
This King of the Cannibal Islands

Chorus: (spelling unknown)

Hokey-pokey winky wong
Camery, cumery,comery, com
Hangery, rangery, chingery ching,
The King of the Cannibal Islands