One I learned from my mother back in the early 1950's which she said was a counting out rhyme from her childhood (mid 1920's) in Roscrea, Co. Tipperary, Ireland.
"Ink Pink Pepper and Ink Stooby Stawby Stybey Stink"
The person the word "stink" landed on was either "it", or was the one to be eliminated from the game, depending on the circumstances.