Dad's version, no doubt well cleaned up for juvenile consumption:

I am a gay caballero,
An exceedingly gay caballero,
But for me there's no joys
For I've got sxeven boys.
And each one
was born with one ear'ole.

Chorus:
You, me, and us,
We are my favourite people,
We all go together like peaches and cream,
Like the weathercock and the church steeple.