Allmusic.com lists 2 albums that contain RUM AND COCONUT WATER: "Calypsos from Jamaica," Columbia River CD #1106, 1998; and "Voyager Series: Calypso Passion," Columbia River CD #140110, 2000. Both of these are "various artists" compilations and the performers are not identified, at least at Allmusic.com. I transcribed this much by listening to a couple of sound samples:

RUM AND COCONUT WATER

…my energy.
What I need is rum and coconut water,
Rum and coconut water,
Rum and coconut water I cannot get in America.

Now I remember when I was young
I was very robust and strong
But now as I walk on the street,
I feel a weakness into my feet.
What I need is rum and coconut water,
Rum and coconut water,
Rum and coconut water I cannot get in America.

So I am going back to Jamaica,
Where I can get coconut water,
For where'er in the world I roam,
Sweet Jamaica is my happy home,
Where I get my rum and coconut water,
Rum and coconut water,
Rum and coconut water I cannot get in America.