I sing the old one, but I change the "buy you a..." whatever to "find you a...". It's not as overtly materialistic that way. I might've gone with that alternative version if I had seen it when dd1 was a babe, but I didn't come across it until she was older and I had committed the other version to memory then. Plus I remember my mama singing the original version to me.
I also remember her singing "bye baby bunting, daddy's gone a hunting, catch a little rabbit skin, to wrap his baby bunting in." Never did sing that one to my girls...