Incredibly, I'm on here looking for the 3rd verse to what may be the song you are searching for. My granddaughters LOVE this song...they are almost 3 and 5...so don't quit singing it too early.
Hushabye, my little owlet, Many voices sing to thee. Hushabye the water whispers, Hush replies the tall pine tree. Too hoo (this is pronunciation, I don't know how to spell it) Too hoo Too hoo
Weep no more, my little owlet, In thy lofty swaying nest. Weep no more, my little owlet, Close your eyes and take thy rest. Too hoo Too hoo Too hoo