I noticed a whole entirely different set of lyrics here:

http://www.mentomusic.com/images/jcs7.jpg

I doubt these are "the original" lyrics at all - particularly as they are from a 1950s booklet called "Jamaican Calypso Songs" and R&CC is Trinidadian.

However, these lyrics are great. They have nothing to do with the sense of the chorus - they're basically just 'floater' lyrics in the fine tradition of folksong bawdy/nonsense/childish floater lyrics a la fiddle tunes, worksongs etc.

They do read like the sort of thing a naughty Calypsonian would write. The last verse is equal parts Benny Hill and Samuel Beckett!