The song is called "Nigger loves his possum" and even with the best quality recording I can't make out some of the lyrics, nor could I find a transcription online.
What I have so far is:
1st verse: (after the the dings, 0:20 - I don't have the first few words( "hear the funny kind of roar, *whistle*, little zippy (or nippy) steamboat rumbling along, splashing and a'turning (or churning) mumbling a song. singing 'bout a nigger must be somethin' wrong, ooooooooooooooooooh,"
(Chorus) "Nigger loves the possum sizzling in the pan, nigger loves the corn juice - steal it if he can (I don't have the next few words) nigger through and through, loves his watermelon deed he do do do."
Then there's a bit of talking and there are a few words I can't make out there.
2nd verse: "Oh don't you hear her grunt and growl, *hissing*, hear the niggers howl and howl, *cheering* open up the furnace lordy how she >blank< (spins maybe), when she eats that wood up (missing next few words), need a little greasin', chuck a nigger in."
If anyone could give it a listen and see if they could discern a few of the missing words, it would be much appreciated.