My grandpa told me the following when I was young. It is very similar:

There was a man named William Hall
who bought a goat a way last fall
He did not buy this goat for fun
but bought it for his little son
Now billy goat grow up nice and fine
and saw a red shirt on the line
He rolled it up in cherry balls
and swallowed red shirt line and all
William said you’re not so sly,
on this very day you’re going to die
He took him to railroad tracks
and there he tied him on his back
As billy heard the whistle blow,
he thought of days along ago
With teardrops in his eyes like showers of rain,
he coughed up the red rag and flagged down the train.