A popular bawdy children’s chant (dating at least from the 1960s) is:
 
“Milk, milk, lemonade,
Around the corner where fudge is made.”
 
“Milk” is accompanied with the touching of both breasts, “lemonade” with touching of the crotch, and “fudge” with touching of the buttocks. “Around the corner” is sometimes replaced with “round the back” or “the other end” or “the other side.” To “go around the corner where fudge is made” is to go to the bathroom.
 
   
Playground Songs & Stuff: Body Function Chants
Milk, Milk
As your progressively gesture from you chest to your crotch to your butt ...
Milk, milk, lemonade,
‘Round the back’s where fudge is made.
—contributed by Martin S. from MD
 
[this chant continues]
Stick your finger up the hole,
and out comes a Tootsie Roll.
—contributed by Adam B. from PA
   
Google Books
Bawdy Ballads
Compiled and edited by Ed Cray
London: A. Blond
1970
Pg. ?:
Milk, milk, lemonade,
Around the corner where fudge is made.
 
Google Books
Interpreting Folklore
By Alan Dundes
Bloomington, IN: Indiana University Press
1980
Pg. 40:
Another children’s rhyme, though not one used for jumping rope, goes as follows:
 
Milk, milk, lemonade
Around the corner, fudge is made.
   
Google Books
The Erotic Muse:
American Bawdy Songs
By Ed Cray
Urbana, IL: University of Illinois Press
1999
Pg. XXII:
Moments later, she chanted what may fairly be called her first bawdy song, pointing out as she sang, her breasts, genitals, and buttocks:
 
Milk, milk, lemonade,
Around the corner where fudge is made.
   
Vanity Fair
Return from Planet Pee-wee
September, 1999
(...)
Pee-wee’s Playhouse debuted in the fall of 1986 and was an instant sensation, drawing a substantial audience of adults, who found it worth getting up on Saturday mornings to see what Reubens had persuaded CBS to air on a program ostensibly for kids. On one episode, Pee-wee returned from a shopping trip and began coyly to unpack his groceries for the camera: “Milk . . . milk . . . lemonade . . . ” (in homage to the beloved playground verse that also explains, as did Pee-wee, where “fudge is made”).
   
Dar a Luz Women’s Care
Milk, Milk, and Lemonade… the other side is where fudge is made
Posted on December 31, 2008 at 8:23 am
I thought of the little limmerick from (what movie?) this morning as I sipped on hot coffee and wished for lemongrass tea instead. Nursing Caed I thought of that little ditty above and thought, “Yeah, lemonade and milk go together, and of course EVERY woman likes chocolate.”
   
Pajiba
The Weekly Box-Office Round-Up
By Brian Prisco
February 16, 2009
(...)
Nobody cares what Gus Van Sant is making anymore! (Just kidding; I know he made Milk, and the forthcoming sequel Round The Back’s Where Fudge Is Made).
 
Speed the Pilgrim
Luke Baumgarten on November 23, 2011 said:
These are better than my poems.
 
Milk, Milk, Lemonade;
the other end is where fudge is made.