This is how I’ve heard it sung by the little girls in my neighborhood:

I went to a Chinese resturant
To buy a loaf of bread, bread, bread,
They wrapped it up in toilet paper
And this is what I said, said, said:
My name is Hi Low Picalo
Picalo Hi Low
Hi Low Picalo
Picalow, “Hi!” (each person waves and says “hi”.)

I’d also like to ask what the beginning of “…sittin’ in a rocker, eating betty crocker…” goes.