There is a contemporary version recorded by the British band Chumbawamba. You can hear it, and download (free) Here: fourth song down

Their re-written lyrics:

The world is waking outside my window
Bella ciao, bella ciao, bella ciao ciao ciao
Drags my senses into the sunlight
For there are things that I must do

Wish me luck now, I have to leave you
Bella ciao, bella ciao, bella ciao ciao ciao
With my friends now up to the city
We're going to shake the gates of hell

And I will tell them - we will tell them
Bella ciao, bella ciao, bella ciao ciao ciao
That our sunlight is not for franchise
And wish the bastards drop down dead

Next time you see me I may be smiling
Bella ciao, bella ciao, bella ciao ciao ciao
I'll be in prison or on the TV
I'll say, "the sunlight dragged me here!"

Their version is a commemoration to Carlo Giuliani (March 14, 1978 -- July 20, 2001), an Italian anti-globalist who was shot and killed by police during the demonstrations against the Group of Eight summit that was held in Genoa from July 19 to July 21, 2001.