my sister is an awesome reference librarian and found it. The original tune is "Blaze away", a march, ca 1900, that was popular during WWII

"I love to go swimming to bow-legged women
and dive between their legs.
as I go under
it sounds like thunder
and smells like rotten Eggs!"

"I love to go swimming with bowlegged women
and dive between their legs,
they're round in the middle and shaped like a fiddle...."

"I love to go swimmin' with bow legged women
and dive between their thighs.
As I surface I know I did good below
by the satisfied look in their eyes."

"I love to go swimming with bow legged women
and swim between their knees.
I know its a sin but I always have a grin..."

"I love to go swimming with bowlegged women
and swim between their knees
and lay on my back and look at up their crack
and do whatever I please..."

"I love to go swimmin' with bow legged wimin
and swim between their knees.
If you know any ladies that want to have babies,
then send them down to me,
for this is the day we give them away
with half a pound of cheese [or tea].."