Here are the lyrics I know, as printed in the Rise Up Singing Songbook. You'll find a Sesame Street recording of the song available for purchase here (click). Oh, and there are versions with sound clips here (click) and here (click).
-Joe Offer-
Saraspondawomen: Sarasponda, Sarasponda, Sarasponda retsetset
men: Boomda, boomda....together: Ahdoray-oh! Ahdoray-boomday-oh!
Ahdoray-boomday-retsetset, awsay-pawsay-oh!