No evidence of any allegorical subtext beyond the typical romantic fantasies of Victorian antiquarians, whose spiritual heirs are alive and well and writing sleevenotes for folksong records; all too often without having noticed that scholarship has moved on since the 19th century. As Halliwell pointed out more than 160 years ago, the song predates Charles II in any case. See The Oxford Dictionary of Nursery Rhymes for further information.

I am frankly astonished that trained educators might consider this song to be meat too strong for children who are (presumably) allowed by their parents to watch television and eat animal protein. With luck the adults will grow up eventually.

Now, back to that chorus. Did you mean that specific form of words (and others like it), Ray? I'd guess the version quoted in the DT to be an American one, though sadly whoever put it there didn't bother to say where they got it.