This is an American folk dance. You can go online to see some examples or make-up your own version. Make sure to include some do-si-do, elbow-linking, and clapping. Explore different levels of the beat.
This song also works well with rhythm sticks/sandblocks. You can pretend the sticks are different instruments and play/sing the melody the way the instrument sounds (i.e. twangy guitar, blatty trumpet, mellow cello, etc.).