Here is how a friend of mine recorded it sometime in the 50's:

There once was a ship sailed over the sea, sailing o'er the lonesome low
There once was a ship sailed over the sea, she went by the name of the Grean Willow Tree

Chorus:
A sailin' in the lowlands lonesome, low
A sailin' in the lonesome sea.

She wasn't to sail too long on the sea, sailin o'er the lonesome low
She wasn't to sail too long at sea, when she was overtook by the Turkish Revile

Chorus

On the bridge the cap'n rung his hands, crying o'er the lonesome low
On the bridge the cap'n rung his hands and said "I wish I had a man
Who sink 'em in the lowland lonesome low
a' sink 'em in the lonesome low!

"Sir!" says the cabin boy what's for me?" O'er the lonesome low
"Sir!" sais the cabin boy "what's for me, were I to undo the Turkish Reville?

Chorus

"Oh! Young cabin boy I'll give to thee" o'er the lonesome low
"Oh, young cabin boy I'll give to thee, thirty thousand gineas (sp?) and my daughter, Anna Lee
To sink 'em in the lowland, lonesome low
an' sink 'em in the lonesome sea!