I found another version at this site:
http://www.odps.org/glossword/index.php?a=term&d=3&t=108

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down in the valley / down the back alley

1. This oddly unsympathetic little ditty has been sent in as the "Oak Park School Camp Song", but I'm sure the original title is "Down in the valley" etc:

   The first time I met her I met her in pink,
   All in pink all in pink.
   She made my finger stink.
   Down in the valley where I laid her down.

   The next time I met her I met her in white,
   All in white all in white.
   I shagged her all that night.
   Down in the valley where I laid her down.

   The next time I met her I met her in green,
   All in green all in green.
   She said the doctors been.
   Down in the valley where I laid her down.

   The next time I met her I met her in blue,
   All in blue all in blue.
   She said the twins were due.
   Down in the valley where I laid her down.

   The next time I met her I met her in red,
   All in red all in red.
   She said the twins were dead.
   Down in the valley where I laid her down.

   The next time I met her I met her check,
   All in check all in check.
   I'll break her fucking neck.
   Down in the valley where I laid her down.

   The next time I met her I met her in black,
   All in black all in black.
   I want my money back.
   Down in the valley where I laid her down.

2. Version 2:

   The first time I met her I met her in white.
   All in white, all in white,
   She was a fucking good sight.
   Down a dark alley where nobody goes.

   The next time I met her, I met her in pink.
   All in pink, all in pink,
   She made my fingers stink.
   Down the back alley where nobody goes.

   The next time I met her, I met her in red.
   All in red, all in red,
   She was so good in bed
   Down the back alley where nobody goes.

   The next time I met her, I met her in green,
   All in green, all in green.
   She said 'The doctor's been'!
   Down the back alley where nobody goes.

   The next time I met her I met her in blue.
   All in blue, all in blue,
   She said the baby's due.
   Down the back alley where nobody goes.

   The next time I met her, I met her in fawn,
   All in fawn, all in fawn,
   She said 'The baby's born'.
   Down the back alley where nobody goes.

   The next time I met her I met her in red.
   All in red, all in red,
   She said 'The baby's dead'.
   Down the back alley where nobody goes.

   The next time I met her, I met her in yellow,
   All in yellow, all in yellow,
   She said 'I've got another fella'.
   Down the back alley where nobody goes.

   The next time I met her, I met her in CHECK.
   All in check, all in check,
   I BROKE HER FUCKING NECK!
   Down the back alley where nobody goes.

   
   Source: circa current, UK