All I know is the '50s college version:

Oh, what a time I had with Minnie the Mermaid,
Down at the bottom of the sea;
Down among the corals,
Minnie lost her morals,
Gee but she was mighty good to me.
Many's the night
Beneath the pale moonlight,
In her seaweed bungalow,
Ashes to ashes and dust to dust,
Two twin beds and only one of them mussed;
Well, you can easily see she's not my mother,
'Cause my mother's 49.
Well, you can easily see she's not my sister,
'Cause I never showed my sister such a helluva time.
Well, you can easily see she's not my sweetie,
'Cause my sweetie's too refined.
She's just a slip of a kid
Who never cared what she did;
She’s a personal friend of mine
(She does my laundry), a personal friend of mine.

HTML line breaks added. --JoeClone, 29-Mar-02.