I learned it at a musical summer camp and this is how we sang it--

See the little birch in the Meadow
See the leaves adancing when the wind blows
loo-lee-loo when the wind blows
loo-lee-loo when the wind blows

Take three silver branches from the birch tree
Make tree silver flutes with silver branches
loo-lee-loo silver branches
loo-lee-loo silver branches

Take a branch and carve a balalika
With my flutes i'll play my balalika
loo-lee-loo balalika
loo-lee-loo balalika