I'm not aware that it was a drinking song. I only know it as a poem my dad, Lt. Hamilton Lokey ACI officer of USS Natoma Bay, wrote for the ship's newspaper. He was fond of doggerel poetry, and he actually got MacArthur mad with that one. It ended up making its way around the South Pacific, and dad said that M ordered that somebody find the son of a bitch that wrote it, but nobody squealed on him.
Here's a link to the whole poem
Link shrunk. ---mudelf