In the film "Naughty Marietta," 1935, the song was sung by Nelson Eddy.
It essentially is "The Owl and the Polecat," 1910, from the original musical. Lyric by Rida Johnson Young, Music by Victor Herbert. Revisions in the film by Gus Kahn.

Nelson Eddy sings the words in somewhat different order from those at the Jeanette Macdonald website, and with variations I couldn't catch.

Lyr. Add: OWL AND THE BOBCAT
Rida Johnson Young

The owl says who are you to sit there criticizing me?
Boom, boom, boom, boom
Boom, boom, boom, boom.

The hoot owl sings from a sycamore limb,
To wit, to who
The bobcat said some remark
that made him mad clear thr-u-u-u
Boom, boom, boom, boom,(not sung by Eddy
Boom, boom, boom, boom

The owl said who are you to sit there criticizing me
I understand you're not the kind of a cat you pretend to be-eeeee
Ah-ah-ah-ah-ah-ah-ah-ah-ah-ah (sounds like oh--- in the recording)
ah-ah-ah-ah-ah-ah-ah
The cat replied with just one thing,
"Me-ow, me-ow,"
Ah-ah-ah-ah-ah-ah-ah-ah-ah-ah-ah
ah-ah-ah-ah-ah-ah-ah-
ah------- (held)
And I'm pretty sure that the owl knows better now
AH----------(held)

http://www.jeanettemacdonaldfanclub.com/lyrics.htm

This one submitted by Ollie M.

Help wanted----