I heard this one in elementary school in Atlanta, GA, probably between '05-'08. Some variations on here got close to mine, but not quite. Here's the version I remember best:

Down by the banks of the Hanky Pank
Where the bullfrogs jump from bank to bank
Singin' eeps, ipes, opes, ups
Chilly willy ding dong
I pledge allegiance to the flag
Michael Jackson makes me gag
Coca Cola, burn it up
Now we're talkin' 7-Up
7-Up has no caffeine
Now we're talkin' Billie Jean
Billie Jean is out of sight
Now we're talkin' dynamite
Dynamite blew up the school
Now we're talkin' really cool
10, 9, 8, 7, 6, 5, 4, 3, 2, 1!