Nursery rhymes and songs/Round and Round the Garden

Palm variant
Round and round the garden, (Make circular pattern on child's palm) Like a teddy bear, (Continue circling) One step, two step, (Move finger as if taking two steps with your fingers) Tickle you under there! (Tickle child's armpit)

Tummy variant
Round and round the garden, (Make circular pattern on child's tummy) Like a teddy bear, (Continue circling) One step, two step, (Move finger as if taking two steps with your fingers) Tickle you under there! (Tickle child's armpit)

Elsewhere in the wikiverse
"Round and Round the Garden" on Wikipedia