Elizabeth Block came up with this:

KNITTING SONG
(Elizabeth Block)

CHORUS
Inch by inch, row by row
Gonna make this sweater grow
Give me yarn & needles & watch me go
I'm a knitter of great renown
It'll keep you warm from head to toe
Keep you warm in ice & snow
Keep you warm when the cold winds blow
And the rains come tumbling down

1. Knit by knit, purl by purl
Fine enough for a duke or earl
Or a little boy or girl
Can't buy it in a store
Purl by purl, knit by knit
Pretty soon I'll finish it
When it's done I hope it'll fit
The one I'm making it for

2. Sweater, mittens, scarf & hat
And when I finish that
Maybe I'll knit a rug or a mat
Don't care how long it'll take
Row by row, stitch by stitch
Being idle makes me twitch
When they're still, my fingers itch
For something else to make