The pejorative nature of the reference "gay" is imho solely derived from homophobia and while not myself gay I object to the reference.
It is also rather worrying that I have no recollection of similar homophobic playground rhymes when I was (properly) myself in playgrounds. If my memory is reliable then the homophobia is recent, and contrary to the perception that I had in the 60s and 70s of a social tendency against homophobia.
Part of the undesirable reference of course lies in conflating paedophilia with homosexuality.
Personal attack deleted.