We sang two versions I think but this is the one I remember.

Down by the banks of the hanky panky
where the bull frogs jump from bank to banky
with an e, i , o , u
stick a needle in your shoe
ding, dong, do.

And the person whom "do" landed on was out. There was also one that subbed in at the "with an" part with "with an eeps, ops, soda pops, one fell in and went kerplop" something like this. I heard maybe 3-5 other version at camps in the region as a young kid.

This was in the northeren part of Tuscon AZ, we had a number of other rhyming songs, not related to Hanky Panky, like "Ms Susie" and "Lemonade Crunchy Ice", and one I learned as a kid in NY "Mrs Mary Mac"