This was a favorite rhyme for some of our kids; we used it in a preschool notebook that we went through in the early mornings. Number rhymes are a good way for young children to learn counting, and when a picture is added too, numeral recognition can also start to happen.
The picture page above is from Preschool Beginning Notebook Pages Set I, an ebook with 15 print-out pages. Am hoping to have Set II completed this summer, and have already started making the pages.
Using a read-through preschool notebook (with pages that changed now and then, according to interests and needs) was one of the things I really enjoyed when my kids were young, and I know they liked it a lot, too.