Hah! I am drawn out of my usual lurk. I learned this as a teenager from the Kingston Trio, and learned the history later (much of it from the previous poster GW). Also later I added a verse adapted from Archie O' Cawfield, which seemed to fit:

Oh Billy, oh Billy, the sheriff says he,
You're the damdest rascal I ever did see,
Come give me back the iron you stole
And I will set your prisoner free.
Oh no, oh no, bold Billy says he,
Oh no, oh no, that never can be,
The iron will do our horses to shoe:
The blacksmith rides in our company.

Researching through Phillips Barry, I was amazed to find that this was included in some of the versions he had collected.

When I sing the song, I end without the final chorus, going straight into Morpeth Rant, which also seemed to fit.

Billy Broke locks, and Billy broke bolts,
And Billy broke all that he came nigh,
Until he came to the dungeon door,
And that he broke right speedily.

I am somewhat astonished by leeneia's characterization of this as "such a pretty, gentle song."

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John Roberts performance: https://www.youtube.com/watch?v=ZVSj2xFqI6o