Late 90s to early 00s, central London primary (to tune of 'This Old Man' and as a clapping game):

School bells up,school bells down
I don't care if school falls down
They'll be no more English, no more French
No more kissing on the Arsenal bench

Teacher teacher I declare
I can see your underwear
Is it black or is it white?
Oh my gosh it's dynamite!

If your teacher interferes
Tie her up and box her ears
If that doesn't shut her up
Dynamite will blow her up

It's really interesting to see that the basic rhyme was around as long ago as the 70s and that there are so many versions! I've really enjoyed all your contributions, thanks.