Well, you aren't delusional. I heard the record on the radio as a child. Probably late 1950s. The "lollipop" in the lyric is a pop culture reference to the song "Lollipop" by the Chordettes; indeed the bouncy melody and singing on "Bubblegum" sounds like the "Lollipop" and the Chordettes.
Check the Billboard Book of Top 40 Hits. Mine's at work or I'd check for you. I'm on vacation.