the correct version goes:

see the little birch in the meadow
see the leaves a-dancing when the wind blows
loo-lee-loo when the wind blows
loo-lee-loo when the wind blows

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

From the branch i'll carve a balalika
With my flutes i'll play my balalika
loo-lee-loo balalika
loo-lee-loo balalika

as i play my tingling balalika
i'll remember you my little birch tree
loo-lee-loo little birch tree
loo-lee-loo little birch tree