I remember it as…
Down town baby. Down by the roller coaster. Sweet sweet baby. Don’t let ‘ya momma know. Shimmee shimmee cocoa ba. Shimme shimme p-ie. Oooh cheechie wawa tabisco. I’ve got another tabisco. Just like cherry pie tabisco.

The “clapping rhythm” of this was one hand face down, other hand face up, while your partner did the opposite. Therefore, you were clapping with your partner but hands were vertical, not horizontal. Also, with the word tabisco you would take your right hand and make a motion like an up calling an out, thumb pointed over your shoulder and then down.

I have NO idea why it was done this way, or what any of the words mean. However, it was something that definitely occupied time during recess for many years.