So this is not a folk song with which I am familiar, but it’s fun to read.  It’s filled with non-sense words, telling a rather non-sensical tale about a mouse who lives with a tailor who bakes the mouse into a pie because he thought it would die because it had a chill.  The bright, cheerful illustrations expand on the words, giving the characters personality and helping to make sense of the non-sense, and the rhythm and rhyme just make it fun.  The complete text of the song is set to music in the back, and the last page offers what is known about the origins of the song.