I think I learned a few variations of the chant throughout elementary in the mid to late 2000s in NC, but the ones I best remember are:

Down by the banks of the hanky pank,
Where the bullfrogs jump from bank to bank,
Goin' east side, west side, east side, west side,
Chilly Willy ding dong

I pledge allegiance to the flag,
Michael Jackson makes me gag

Coca-cola burned his butt,
Now we're talkin' Seven Up

Seven Up has no caffeine,
Now we're talkin' Billy Jean

Billy Jean went outta 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

And the other version was the exact same except for the first few verses where it was

Down by the banks of the hanky pank,
Where the bull frogs jump from bank to bank,
Singin' eeps, ipes, opes, opps
Chilly Willy ding dong

But the same second chant.

We'd sit in a circle with one palm on top of one neighbors' and the other underneath our other neighbors' and do like a slap circle. The last two people would sit facing each other with one person's hands palm down in the air and the other person's hands palm up underneath the first pair and they'd go up and down slapping (if that makes sense) and whoever's palms were last palm up and got slapped was the loser.