I'm interpreting the notes to the Boarding Party's version as meaning that the song, with those verses is Jonathan Eberhard's creation. If you sing it that way, it came from him. Other appropriate verses would fit.

Personally, I always manage to sing, 'The panther jump and the possum roar', which is just silly, and I sing 'if you drown when you are young,' as 'if you die when you are young'. Doesn't make any difference, other than the word isn't repeated.