It also seems to me that the rather overt mention of homosexuality (that is found in some "Down By The Banks Of The Hanky Panky" rhymes) is part and parcel of the overt mention of heterosexual sex that is found in some other contemporary children's playground rhymes. But, as I wrote earlier, I don't thiink that every child understands what some of these verses mean. That said, there are some verses whose meaning is very clear.

Here's an example of a verse that could be about sex, but could also be interpreted as having nothing to do with sex-particularly by younger children:

See that house up on the hill.
That's where me and my baby live.
Eat a piece of meat
Eat a piece of bread.
Come on baby. let's go to bed

-snip-

This verse is a floater in some "Down By The Banks Of The Hanky Panky" rhymes. It is sometimes found in certain versions of "I Love (Like) Coffee I Love Tea" rhymes (which definitely predate these Michael Jackson "Hanky Panky" rhymes).

**
Here's an example of a contemporary children's rhyme that overtly refers to heterosexual sex:

Jack and Jill went up the hill
to have a little fun,
Stupid Jill forgot the pill,
and now they have a son.
Jack and Jill went up the hill
to fetch a pail of water
Jack got horny, Jill got corny
and now they have a daughter.
Jack and Jill went up the hill
to smoke some marijuana
Jack got high, unzipped his fly
and Jill said "Ooh, I wanna."

http://www.inthe80s.com/rhymes.shtml

-snip-

That website provides a number of different versions of this Jack & Jill parody. I should mention that examples from that website are used with prior permission from that site editor. Thanks!