There's a second verse too.

He was saying goodbye to his horse,
He was saying goodbye to his horse,
And as he was saying goodbye to his horse,
He was saying goodbye to his horse,
Goodbye horse [Goodbye horse]
Goodbye horse [Goodbye horse]
He was saying goodbye to his horse,
Last night he was saying goodbye to his horse,
He was saying goodbye to his horse.

I believe there are others in similar vein.

Steve