I remember another version that I heard from my roommate in college a half-century ago. He sung it to She'll Be Comin' 'Round the Mountain and I'm pretty sure these were his lyrics. I don't think anybody has mentioned this one:

There's a skeeter on my peter, whack it off
There's a skeeter on my peter, whack it off
They're alightin' in the night 'n'
I can feel those fuckers bitin'
There's a skeeter on my peter, whack it off

Ah, college. Those were indeed the days.

Jay