This is how I learned this song from my father and he learned it as a boy in the 1920-30s:

KING OF THE CANNIBAL ISLANDS

chorus
Hokey Pokey Winky Wung,
Polly Makoo Mago Ma,
Hangery Wangery Chingery Chung,
The King of the Cannibal Islands.

The King and his wife were too fat,
The principle diet consisted of rats.
The only weapons that they had...
...were baseball bats
...way down on the Cannibal Islands.

chorus
Hokey Pokey Winky Wung,
Polly Makoo Mago Ma,
Hangery Wangery Chingery Chung,
The King of the Cannibal Islands.