The so-called innocence of racial stereotyping seems sadly (& tragically) misguided today; it is racist - & it is nauseating. Of it's time? So what? Hitler was of his time too.

I suggest the erotic imagery / sexual metaphor of Butter & Cheese & All goes further than cheese melting up the chimney. With this in mind, I've often introduced the song as Ultimo Tango a Cley-Juxta-Mare. Go figure!