This was the version we used at my elementary school (1st version) and in the surrounding neighborhood (second version) just outside of San Francisco, California in the late 80's:

Ooooh,
Down by the banks
Of the Hane-k-tey Panky
Where the bullfrogs jump
From bank to bank-ket-tey
With a hip, hop, soda pop
East side, west side
KER-PLOP!

or

Down by da bank
Of da Han-k-tey Pan-key-tey
W'ere duh bull-a-frog
Jump fro' bank ta bank-key-tey
Just ah hip ah hop ah sodey pop
To da eas' si', wes' side
Keeer---PLOP!