I’ve been interested in the different versions of this rhyme since forever and can’t believe it took so long to find this site! All versions I know are from the mid 2000s.

Heard in a Christian camp in Mississippi:
Down by the valley of the Hanky Panky
Where the bullfrogs jump from bank to bank
Sayin’ ooh, ah, skittle, skattle, big, fat, bull, frog
I pledge allegiance to the flag
Michael Jackson is so bad
Pepsi-Cola, burnin’ up
Now we’re drinkin’ 7-Up
7-Up has no caffeine
Now we’re wachin’ Billy Jean
Billy Jean went out of style
Now we’re wachin’ X-Files
X-Files, way too scary
Now we’re wachin’ Tom and Jerry
Tom and Jerry’s way too funny
Now we’re wachin’ Bugs Bunny
Bugs Bunny’s way too lame
Now we’re playin’ video games
Video games are way too boring
Then one morning I woke up snoring

Heard in an elementary school near Memphis, Tennessee:
Down by the valley of the Hanky Panky
Where the bullfrogs jump from bank to bank
Sayin’ ooh, ah, skittle, skattle, big, fat, bull, frog
I pledge allegiance to the flag
Michael Jackson is so bad
Pepsi-Cola, burnin’ up
Now we’re drinkin’ 7-Up
7-Up has no caffeine
Now we’re wachin’ Billy Jean
Billy Jean went out of style
Now we’re wachin’ X-Files
X-Files, way too scary
Now we’re wachin’ Tom and Jerry
Tom and Jerry’s way too stupid
Now we’re wachin’ Cupid (This line shifts from a chant to a song)
Once on Sunday morning
I looked up at the wall
I saw a team of cockroaches
Playing basketball
The score was none to six
Roaches in the lead
I think I need some bug spray
1, 2, 3

Heard near Wichita, Kansas:
Down by the valley of the Hanky Panky
Where the bullfrogs jump from bank to bank
Sayin’ eeps, ipes, opes, ops
And a little flicker-doodle and a big ker-plop
(This version uses the same tune I saw mentioned by someone else earlier)

Heard in Texas:
Down by the banks of the Hanky Panky
Where the bullfrogs jump from bank to bank
E I O U east side, west side
Ping, pang, pong

Half remembered near Memphis, Tennessee:
Down by the valley of the Hanky Panky
Where the bullfrogs jump from bank to bank
Sayin’ ooh, ah, skittle, skattle, big, fat, dirty, rat
I pledge allegiance to the flag (to the flag said faster than normal rhythm)
Michael Jackson was so bad (was so bad said faster than normal)
Pepsi-Cola, burp it up
Now we’re drinkin’ 7-Up
7-Up has no caffeine
Now we’re drinkin’ gasoline
Gasoline made me puke (or possibly throw up)
(Don’t remember a few lines)
Now we all drink Coke