The LP has an insert where it says,

Jug Band Music, the Memphis Jug Band's highly popular song, with additional verses by Geoff Muldaur, moves in the fashion of a country hoedown with quick undercurrents of the blues (listen to Babe Stovall's "Salty Dog", for instance). The Memphis Jug Band recorded in Memphis in the late 20's and early 30's.

The lyrics given in the insert are very like those given by R Wilhelm upthread:

Way down South in Memphis, Tennessee,
Jug band music sounds so sweet to me,

Chorus:
'Cause it sounds so sweet, it's a-hard to beat,
ra-ta-tutti,
Jug band music certainly was a treat for me.

Well, I went up to my man, put my hand on his knee,
Said, if you can't play the jug, you can't play with me,

Then I took off my socks, I took of my shoes,
I danced all night to them Jug band blues,

And then I went back home, turned on my radio,
Jug band music made me stomp down slow,

Repeat first verse, then last chorus goes

'Cause it sounds so sweet, it's a-hard to beat,
ra-ta-tutti,
Jug band music certainly was a treat for,
Jug band music certainly was a treat for,
Jug band music certainly was a treat for me.