old-timey guest, I largely agree with Joe's transcription, except for the first line of the chorus. I have two comments, the first being that the sound you hear before "pretty Polly Ann" is similar (but not exactly the same) as what's known as an "a-prefix," or the act as "a-prefixing." Common in southern speech, especially of older individuals -- note the presence elsewhere in this song, for example, "a-wheat in the bin." You hear it in a lot of Southern early southern music to help make phrasing work. My second comment is that he seems to say "Do love liquor and I will take a dram," the "I" just being very soft, rolling into the "will."

Here's my transcription of this recording, which matches the recording on County 521, Dave Macon - Early Recordings (1972). Though I'm not aware of a second recording (there could be one! I'm not sure), the liner notes from the album indicate that this was his recording with the Fruit Jar Drinkers (Sam & Kirk McGee and fiddler Maizi Todd), which definitively ID's it as that of         Vocalion 5152 (1927).

Just look to the man who can if he will
Prosper in the valley of the Tennessee hills

CHO. {
[X], the gray cat spit in the little kitten's eye
The little cat, little cat, don't you cry

Do love liquor and I will take a dram
I'm gonna tell you, a-pretty Polly Ann   }

Cattle in the pasture, hogs in the pen
Sheep on the ranch & a-wheat in the bin

CHO.

Corn in the crib and porter in the yard
Meat in the smokehouse and a big can of lard

CHO.

Fruit in the cellar and cheese on the board
A big sack of coffee and sugar in the gourd

CHO.

Horses in the stable and money in his pocket
A baby in the cradle and a pretty woman to rock it

CHO.

Oh, the gray cat spit in the little kitten's eye
The little cat, little cat, don't you cry


[X] = various "oh" or "why" depending on the chorus