This song makes me laugh so hard. My interpretation is that someone is making fun of the funny little man, saying "Oooooooo... come on you little funny man" in a ridiculous, teasing voice. The funny little man does not appreciate this, as evidenced by the end of the song when he says what he would like to do to the person mocking him. ("Pearlies" means teeth.) It's delightfully silly and twisted.
This song makes me laugh so hard. My interpretation is that someone is making fun of the funny little man, saying "Oooooooo... come on you little funny man" in a ridiculous, teasing voice. The funny little man does not appreciate this, as evidenced by the end of the song when he says what he would like to do to the person mocking him. ("Pearlies" means teeth.) It's delightfully silly and twisted.