This is really interesting to see all the different variations on the song. The one I heard growing up was:

DUNDERBECK

Chorus: Oh Dunderbeck, Oh Dunderbeck, how could you be so mean?
To ever have invented the sausage meat machine.
Now all the rats and pussy cats will never more be seen,
They'll all be ground to sausage meat in Dunderbeck's machine.

1: Oh in the town of (3 syllable town you live in) there lived a mean old man.
His name was Mr. Dunderbeck and he could really can.
His place was overrun with rats and mice there were a few.
So Dunderbeck invented a machine to grind them all to stew.

2: One day a boy came walking, a-walking in the store.
He bought a pound of sausage meat and laid it on the floor.
The boy began to whistle, he whistled up a tune
And all the little sausage meats went dancing 'round the room.

3: One night the darned thing busted, the darned thing wouldn't go.
So Dunderbeck got into it, the reason for to know.
His wife was having a nightmare and walking in her sleep.
She gave the crank a heck of a yank, and Dunderbeck was meat!