Calvin sings the song while extoling the virtues of leaving civilization for the Yukon Territory. Like all original content, it was also featured in The Complete Calvin and Hobbes, on page 325 of Book 1.
The meter of the song matches "The Thing" by Phil Harris very nearly perfectly. Skip the repeat within the song, and it lines up identically.
My tiger friend has got the sled,
And I have packed a snack.
We're all set for the trip ahead.
We're never coming back!
We're abandoning this life we've led!
So long, Mom and Pop!
We're sick of doing what you've said,
And now it's going to stop!
We're going where it snows all year,
Where life can have real meaning.
A place where we won't have to hear,
"Your room could stand some cleaning."
The Yukon is the place for us!
That's where we want to live.
Up there we'll get to yell and cuss,
And act real primitive.
We'll never have to go to school,
Forced into submission,
By monstrous crabby teachers who'll
Make us learn addition.
We'll never have to clean a plate
Of veggie glops and goos.
Messily we'll masticate
Using any fork we choose!
The timber wolves will be our friends.
We'll stay up late and howl,
At the moon, till nighttime ends,
Before going on the prowl.
Oh, what a life! We cannot wait,
To be in that arctic land,
Where we'll be masters of our fate,
And lead a life that's grand!
No more of parental rules!
We're heading for some snow!
Good riddance to those grown-up ghouls!
We're leaving! Yukon Ho!