I believe the lyrics posted by Earl above were indeed written by Michael Hurley and they are the same ones (more or less) that Robin and Barry Dransfield recorded under the title THE WEREWOLF. It's on their 2-CD compilation "Up to Now" Free Reed #18, 1997.

Michael Hurley sings it under the title THE WEREWOLF SONG on his album "First Songs," Folk Era LP #3581, 1975 (which was also released as a cassette by Smithsonian Folkways); and on "Blueberry Wine: The First Songs of Michael Hurley," Locust CD #10, 2002. He also sings it under the title THE WEREWOLF on "Armchairboogie," Warner Brothers LP #1915, 1971; and on "Wolfways," Koch International CD #7910, 1995.

Cat Power sings it on "You Are Free," Matador CD ole-427, 2003.

Lauren Sheehan sings it on "Some Old Lonesome Day."

Here are some additional lyrics found at http://www.lyricsfind.com/c/cat-power/unknown-album/the-werewolf-song.php :

When I see that moon moving through the clouds in the sky,
I get a crazy feeling and I wonder why.

For the werewolf have pity, not fear, and not hate,
'Cause the werewolf might be someone that you've known of late.