When I searched online to see if I could find any references to it, the only one I found was a link to my cousin's blog. Since she did such a stellar job explaining, I'm just going to quote her:
My grandfather and his family had all kinds of little games they played that no one else did.
They bohunked - jumped around on their knees, with their legs crossed and feet tucked on their thighs.
And instead of saying, "This little piggy went to market" while tickling toes, they played this game:
Big toe tight,
Little penny white.
Big toe thistle,
Little penny whistle,
Don't ask me where it came from, but I much prefer it to talking about the piggy who didn't get any roast beef.
I completely agree with Leah, this rhyme is much better than the one that features a poor piggy going hungry while his friends are off representing three of the deadly sins.
Plus, my family's rhyme includes the word "poop" which, as we all know, causes children around the world to giggle.
Oh, and just so you know, bohunking is hard. I haven't done it in years, but I remember bruising my knees doing it.