As a camp counselor Ive heard, i think:

Down by the banks of the hanky pank
Where the bullfrogs jump from bank to bank
Singing eep, op, eep op op
Skiddle diddle kernel pop!
I pledge allegiance to the flag
Micheal Jackson makes me gag
Coca-cola brought him up
Now we're talking 7-up
7-up has no caffeine
Now we're talking Levi jeans
Levi jeans are out of style
Now we're talking for a while
Singing eep, op, eep op op
Skiddle diddle kernel pop!


with a circle of kids and the handslapping motions described earlier; on the final 'pop' the hand slapped is eliminated.