This is basically an instrumental. I agree that the Carter Bros lyrics are almost indecipherable. The Putnam String County Band, who learned it from the Carter Bros & Son recording use the first stanza only (repeated twice) with diddles, yells and whoops. The Carters do it pretty straight with a few 'diddle lines' by no yells or whoops. They have stanza near the end that defies me. Here is all I can get of this last bit, and that may be wrong!

Roll around the ? and put out the light
Ain't gonna be no supper here tonight
?? you'd better get away
Ain't a-gonna be no dinner here today
?? better ride no jeep
?? gonna get back in the middle of the week

The Putnam String County Band do it like this:

SADDLE UP THE GREY

Saddle up the grey
Better get away
Ain't a-gonna get no supper here today
Pass around the jug and put out the light
Ain't a-gonna get no dinner here tonight

Diddle, la, la la etc
Assorted whoops and yells

Repeat above stanza

Repeat diddles, whoops and yells

Repeat stanza

Repeat diddles, whoops and yells

Pass around the jug and put out the light
Ain't a-gonna get no dinner here tonight

Whoops and yells

Source: transcription from Putnam String County Band 'Homegrown' Rounder LP 3003.

--Stewie.