I was very close on the lyrics, so my memory is failing me a bit.
"What rolls down stairs alone or in pairs
Rolls over your neighbor's dog?
What's great for a snack and fits on your back?
It's Log, Log, Log!
It's Log, Log, it's big, it's heavy, it's wood.
It's Log, Log, it's better than bad, it's good!
Everyone wants a log! You're gonna love it, Log!
Come on and get your log! Everyone needs a Log!"
And I found a link to the video of it too: