I'm not sure I feel good hearing this song referred to as a children's song. This was a seminal song in my young adulthood. I suppose I heard it most often in the 1963 recording called "Loop de Loop" by Johnny Thunder: https://www.youtube.com/watch?v=7mTX2om49EE. It was also recorded by Frankie Vaughan in 1963.

LOOP DE LOOP
(Freddie Hart & Ann Lucas)
[Frankie Vaughan version]

Are you ready? (yea, yeah)
Well, let's go! (yea, yeah)
Woo

Here we go loop de loop
A-here we go loop de lie
A-here we go loop de loop
On (yea, yeah) a Saturday night (loop de loop, loop de loop)

Oh, we're havin' a party (yea, yeah)
Everybody's havin' a great, great time (yea, yeah)
All the gang's here and a-dancin', yeah
I'm a-loopin' with a baby of mine

Hear me now!

Here we go loop de loop
A-here we go loop de lie
Here we go loop de loop
On (yea, yeah) a Saturday night (loop de loop, loop de loop)

Darlin', are you ready (yea, yeah)
To loop, a loop, a loop with me? (yea, yeah)
Start right there!
Just wait a minute until I count to three: "1-2-3"

(Here we go loop de loop) Loop de loop de loop
(Here we go loop loop de lie) Loop, loop, loop de lie
(Here we go loop de loop)
Yeah, on a Saturday night

Now, let's hear the girls.

(Here we go loop de loop) Loop de loop de loop
(Here we go loop loop de lie) Loop, loop, loop de lie
(Here we go loop de loop)
Yeah, on a Saturday night

Now, the fellas. Come on, boys!

(Here we go loop de loop) Loop de loop de loop
(Here we go loop, loop de lie) Loop, loop, loop de lie
(Here we go loop de loop)
Yeah, on a Saturday night (yea, yeah)

One more time, now!
(Here we go loop de loop) Yeah.
(Here we go loop de lie) Yeah.
(Here we go loop de loop) M-mm.

On (yea, yeah) a Saturday night (yea, yeah)
On (yea, yeah) a Saturday night (yea, yeah)
On (yea, yeah) a Saturday night (loop de loop, loop de loop, loop de loop, loop de loop)
Yea, yeah.

Source: http://www.song-database.com/song.php?sid=43500

Frankie Vaughan recording: https://www.youtube.com/watch?v=LJL7FJtozm4

Harry Nilsson Recording: https://www.youtube.com/watch?v=DuDiYXuYveE

And a Hokey-Pokey children's version: https://vimeo.com/79305666

And since this is a folk music forum, here's Pete Seeger: https://www.youtube.com/watch?v=sXvVmyOHAFE

I still like Johnny Thunder best.
-Joe-