Even though it is not really a folk song (being written by James Stevens), it was included in Alan Lomax's The Folk Songs of North America.
The melody is an adaptation of a traditional tune known as "The Jealous Lover". The tune is similar to the one Woody Guthrie used for: The Philadelphia Lawyer which is listed in this section.
I always thought this song was dumb but after I heard a recording by Pete Seeger, I found that it stuck in my head.