I verified that the song was written by Larry Gatlin, and not just recorded by him. I hear a few things different. Here's my transcription:

Penny Annie
(Larry Gatlin)

Rag-tag little girl with big blue eyes and yellow hair
Barely standin' two feet above the ground
Dancin' for a handout at the Crockett Country Fair
She cast a spell on ev'ryone around

Ev'rybody called her Penny Annie
She'd dance for a penny or for free
If Annie had been any older then
I bet a penny I'd have taken Annie home with me

Years went by and she became a legend at the fair
Dancin' for a penny or for free
Then one year she didn't appear, no one knew just why
But now the Crockett County Fair ain't what it used to be

Then one night I saw her name on a flashing neon sign
Sayin' Penny Annie dancin' just for you
She was showin' off her womanhood, doin' the Bump and Grind
I can't say that I enjoyed the view

She's still dancin' on for a penny
She dances not for pleasure but from pain
She's not the same Penny Annie any more
She's dancin' to try to feed the hunger in her veins

Now she works lyin' on her back, dancin' to a different tune
Doin' one hour stands with any man she finds
She shoots away the pain, but then it comes again too soon
She's payin' the fiddler who's been fiddlin' with her mind, her body and mind

Didn't anybody ever tell you, Annie
If you dance to pay the man who plays the tune
The dance is fun, but when the dancin's done
Sometimes you'll find you've danced with ev'ry devil in the room

Ev'rybody called her Penny Annie
She'd dance for a penny or for free
If Annie had been any older then
I bet a penny I'd have taken Annie home with me

TAG:
Dear God, I'm wishing I had taken Annie home with m-e-e-e-e