The lyrics provide some suggestions for movement, but leave lots of room for creativity. Demonstrate a personal interpretation of the lyrics, having students echo your phrases and your movements. On "do it like this," improvise a movement for the group to echo. Invite students to be the new leader, improvising on the final phrase.
Challenge groups of students to invent a dance to present to the class; perhaps their interpretation of "right foot slip" is different than yours. Some students may even be ready to make creative changes to the lyrics for more original movements.
This song can help students spend some energy and then cue them to be still and ready to pay attention to the next class activity. For this purpose, I recommend ending the song after measure 4.
There are so many movements that a leader may choose during the final phrase! If you plan to ask your students to move creatively later in class, this song can help students begin to think creatively. Model several new movements, and invite students to lead as well. Consider varying your level (on the floor, way up high), crossing the midline, and experimenting with weight and speed. The class will be ready to think creatively and able to access a wider variety of movements in later class activities.