My Pop-Pop always sang this with his daughters and granddaughters. He and my grandmother learned it on a hay ride when the oldest of their children were little.
His version:
My gal's a corker
She's a New Yorker
I buy her everything to keep her in style
She's got a ...
*Mop of hair, just like a grizzly bear.*
Hot Dog! That's where my money goes!

*Pair of eyes, just like two custard (or pumpkin) pies.*
*Pair of lips, just like potato chips.*
*Pair of hips, just like two battleships.*
*Pair of gams, just like Virginia hams.*