Here are the words from _The New Song Fest_ (spelling corrected, and -e for umlaut):

Ist das nicht ein Schnitzelbank?
Ja, das is ein Schnitzelbank.
Ist das nicht ein Kurz und Lang?
Ja, das ist ein Kurz und Lang.
Kurz und Lang, und Schnitzelbank.
Ei du schoene, ei du schoene,
Ei du schoene Schnitzelbank.

Ist das nicht ein Hin und Her?
Ja, das ist ein Hin und Her.
Ist das nicht ein Lichtputzscher?
Ja, das ist ein Lichtputzscher.
Lichtputzscher, Hin und Her, Kurz und Lang, und Schnitzelbank.
Ei, usw.

Similarly, cumulating at the end:

Krum und Grad, Wagenrad.
Goldener Ring, Schoenes Ding.
Gute Wurst, Grosser Durst.
Herbergsmutter, Gute Butter.
Besenstiel, Automobil.
Herbergsvater, Gigger-Gagger.
Helles Licht, Affengesicht.

As to the gender, this source is of the masculine persuasion, but my Cassell's makes Bank firmly feminine. It does not list Schnitzelbank, but at a guess the meaning is carving block or bench.

The things mentioned seem to be

Carving block, short and long,
To and fro, candle snuffer,
Crooked and straight, wagon wheel,
Gold ring, pretty thing,
Good sausage, great thirst,
Mistress of the hostel, good butter,
Broomstick, automobile,
Master of the hostel, (Gigger-Gagger?),
Bright light, monkey face.

In a discussion on rec.music.folk some years ago, someone stated that this song was American & unknown in Germany, but I am inclined to doubt it in view of the Herbergsmutter & -vater. The scene, I fancy, is in a German youth hostel, after lights out. Perhaps one fellow is standing in the moonlight streaming thru the window, making gestures appropriate to the articles mentioned, which, in view of their Freudian content, might well add to the hilarity. At length, the Herbergsvater arrives with his helles Licht to tell them to shut up & go to sleep, and they seize the occasion to finish the song by mocking him.

Perhaps the Germans in this company will enlighten us.