Here's a parody, one of H&J's better ones, I think.

Lyrics transcribed from the sound file at http://www.geocities.com/u2page5/

ITSY BITSY TEENIE WEENIE YELLOW POLKA-DOT BIKINI
(As sung by Homer & Jethro)

She was afraid to come out of the bushes.
She was afraid all the people would stare.
While she was divin', she lost her bikini,
So the poor little girl had to wear--

(Two, three, four,
Tell the people what she wore.)
She wore a pair of baggy old red flannels,
Itchy, scratchy, red long-handles
That she found hangin' out on the line.
So she put 'em on and then
She couldn't get back out again
So she crawled out through the trap door behind.
(Well, I swear!
Dig that crazy underwear!)

Now she's standin' out there in the river,
In the water clean up to her knees.
Here's the only advice I can give her:
Keep your trap shut or you're gonna freeze.

(Tell us, will you please,
Why she's wearin' BVDs.)
She lost her itsy bitsy teenie weenie
Yeller polka-dot bikini.
Down the river it started to drift.
All the fellers had to snigger
When they seen her oblong (?) figger
'Cause all her sand had started to shift.
(Homer, you old coot,
Help her find her bathin' suit.)

Now at last she has found her bikini.
On the beach it had been all along.
So she strolled down the beach till a lifeguard
Finally made 'er put it on.

(Two, three, four,
That's all there is; there ain't no more.)
Nyah-nyah!

[Recorded by Homer & Jethro on "Songs to Tickle Your Funny Bone," 1966.]