I'm trying to find this song on record, but I think its from a Romper Room or Captain Kangaroo record I used to have as a kid.

F-O-X spells Fox
B-O-X spells Box
F-O-X and B-O-X means there's a FOX in the BOX

B-U-G spells Bug
R-U-G spells Rug
B-U-G and R-U-G means there's a BUG on the RUG

and so forth. Anyone heard of this song???