This is an audience participation song, where everybody sings the chorus, and then somebody jumps in with a verse about their lord/lady. All the verses have the same format, and end with the same line. When the musician gets tired, they can sing the last verse and get out. I'll list some of the verses I've heard, but you can certainly fill in more.
Just as with A Lusty Young Smith, the lyrics are totally clean by design.
Chorus
Hey dig-a-din, Dey dig-a-din, down at the inn,
Down at the inn, Down at the Inn,
Hey dig-a-din, Dey dig-a-din, down at the inn,
Everyone's down at the inn.
Verse, constant parts in bold
My lord is a mason, a mason, a mason,
A very fine mason is he-ee,
All day long he lays bricks, he lays bricks, he lays bricks,
And at night he comes home and drinks tea.
My lady's a glazier, a glazier, a glazier,
A very fine glazier is she-ee,
All day long she blows glass, she blows glass, she blows glass,
and at night she comes home and drinks tea
[And so on]
Last Verse, musician uses appropriate gender for their consort
My lord is an herbalist, and herbalist, and herbalist,
a very fine herbalist is he-ee,
all day long he drinks tea, he drinks tea, he drinks tea,
and at night he comes home and he pees!