Found at BusSongs.com

Mares eat oats and
does eat oats and
little lambs eat ivy
kids will eat ivy to
wouldn't you?

If the words sound queer and funny to your ear, a little bit jumbled and jivey
Sing "Mares eat oats and does eat oats and little lambs eat ivy"
Oh! Mairzy doats and dozy doats and liddle lamzy divey
A kiddley divey too, wouldn't you-oo?
A kiddley divey too, wouldn't you?

Dogs eat bugs and birds eat bugs.
And little owls eat liver.
A kid will eat liver too, wouldn't you.
Whailzy deals and sealzy deals
And baby fishy doysters,
A squiddley doysters too,
Wouldn't you?

Well if the words sound queer,
And funny to your ear,
All of you girlsters and boysters,
Say, " Whales eat eels
And seals eat eels,
And baby fish eat oysters!"
Whales eat eels and seals eat eels
And baby fish eat oysters,
A squid will eat oysters too,
Wouldn't you?

A whale will eat oysters too,
A squid will eat oysters too,
A kid will eat ivy too,
Wouldn't you?
Cowzy day and goatzy day
And little pigzy donuts;
A kiddely donuts, too, wouldn't you?
(Repeat)

Now if the words sound queer,
And funny to your ear,
You think you're gonna go nuts,