Okay, I'm back, found additional lyrics on another thread here

Hushabye, my little owlet,
Many voices sing to thee.
Hushabye the water whispers,
Hush replies the tall pine tree.
Too hoo (this is pronunciation, I don't know how to spell it)
Too hoo
Too hoo

Weep no more, my little owlet,
In thy lofty swaying nest.
Weep no more, my little owlet,
Close your eyes and take thy rest.
Too hoo
Too hoo
Too hoo

This was posted by Grandma Liz (thank you!)

Also found mention of a song Hush a bye owlet on a CD by Big Smith called from Hay to Zzzzzz available here http://www.mayapplerecords.com/Merchant2/merchant.mvc?Screen=PROD&Product_Code=CD0104&Category_Code=

don't know if this is the same song but it is billed as Hillbilly Lullabyes so maybe.

I'm not giving up!