Here are the two versions of Bazooka Zooka Bubble Gum that I referred to in my initial post:

The Official Version:

My mom
She gave me a dollar
She told me to buy a collar
Nut I didn't buy no collar
Instead I bought some bubblegum
Bazooka, Zooka Bubble Gum {2x}

My Mom
She gave me a quarter
She told me to tip the porter
But I didn't tip no porter
Instead I bought some bubblegum
Bazooka, Zooka Bubble Gum {2x}

My mom
She gave me a dime
She told me to buy a lime
But I didn't buy no lime
Instead I bought some bubblegum
Bazooka, Zooka Bubble Gum {2x}

My Mom
She gave me a nickel
She told me to buy a pickle
But I didn't buy a pickle
Instead I bought some bubblegum
Bazooka, Zooka Bubble Gum {2x}

My Mom
She gave me a penny
She told me to buy some bubblegum
So I bought myself some gum!

[various sites including http://www.insomnie.darkfaerytale.com/archives/2006/08/35/ which also includes a children's street version and some comments from other posters]

A Children's Version:

RE: I'm Rubber . You're Glue: Children's Rhymes
From: GUEST,BBG - PM
Date: 04 Jun 07 - 03:51 AM

I was reading and i was amazed to not see a ceartain ryme...

My mom gave me a nickle she said to buy a pickle I did not buy a pickle instead i bought some bubblegum BAZOOKA ZOOKA bubble gum!

MY mom gave me a dime she said to buy a lime I did not buy a lime instead I bought some bubblegum BAZOOKA ZOOKA bubblegum.

MY mom gave me a quarter she said to buy some water I did not buy some water instead I bought some bubblegum BAZOOKA ZOOKA bubblegum.

MY mom gave me a five she said to stay alive I did not stay alive instead I choked on bubblegum! BAZOOKA ZOOKA bubblegum.