There are as many correct versions of the song as there are posters on Bisonville.
So here goes the first of many correct versions!
Far across the plains of Fargo
There for all to see.
Stands an old abandoned outhouse
Called the U-ni-versity
Hail the Bison, Hail the Bison with their tails up in the air.
University, University you can kiss whats under there.
<Followed by an ever growing and changing chant begining Bison once, Bison twice, Holy Jumping ......>