I've just got hold of the Bob and Peg Clancy recording noted above by Malcolm Douglas. Without adding to the tangle that this song has produced I'll add these comments here.

The words are essentially the same as those given by Jimmy C on 28th of Jul 2000 on the thread titled: Penguin: The Cruel Mother (15) Lyr Add: ALL ROUND THE LONEY O.
The second line and the title as "All Around the Loney-o", though, and that makes it easier to track down.   

These lyrics are not given anywhere else online that I can see, although the title is given in several places.

Here's the really interesting bit -- The tune is very different from the others I've heard. It's pretty much a simplified version of "Caulter's Candy" sung very slowly. There is a downward swoop in the third line, making that bit slightly different.
Sorry to add to the tangles if this is already common knowledge.
Cheers, Joy