We played this game a few weeks ago after our exam. The version we used was:

'Down by the banks of the hanky panky,
Where the bullfrogs jump from bank to bank-y
Singin' "East side, West Side, East Side, West Side"
Dilly ding dong!'

At the "east side west side" part, you speed up a bit so it's harder for the unlucky "last person" to know when to remove their hand.