OK, I have to add my family's version:

Looking through the knothole on Grandpa's wooden leg
Why do they build the shore so near the ocean, the ocean?
Quick get the axe, there's a hair on baby's chin
And a boy's best friend is his mother (no other).

Going through the window, the second story window
I slipped and sprained my eyebrow on the pavement, the pavement.
Quick, get the listerine, sister's got a beau
And a boy's best friend is his mother (no other).