Here's what I found, can't vouch for it tho':

Panama Red, Panama Red,
He'll steal your woman then he'll rob your head.
Panama Red, Panama Red,
His white horse Mescalino, comes Breezin' thru town.
Bet his woman's off in bed with ol' Panama Red.

You just don't know when Red's in town,
he keeps well hidden underground.
Everybody's gettin' crazy fallin' out `n' hangin' round.
My woman said, "Hey Pedro, you're actin' crazy like a clown."
Nobody feels like workin' Panama Red is back in town.

Everybody's lookin' out for him cause they know Red satisfies.
Little girls love to listen to him sing & tell sweet lies.
But when things get confusin' honey, you're better off in bed.
Cause I'll be searchin' all the joints in town for Panama Red.