Alternate title is (surprise!) "The Bed Bug".
A cd from Smithsonian Folkways, originally released in 1955, has this song; also the download. Recorded by Moses Asch.

Listen on youtube, www.youtube.com/watch?v=pwXxbMUrYsk

I'm pretty sure the line is "I want to bite those young ladies' buttock."
Second verse line 1- Now I want you believe me when I confess- with help from Harry Belafonte lyrics. Belefonte either revised the song, or Lord Invader sang more than one version.

Add line 6 in 2nd verse:
And when I bite 'em I'm going 'bout and boast,
And I'm calling myself King Bed Bug the First.
etc.