"Bananaphone" is the name of a children's album by Raffi. It was released in 1994. The title cut has lately become an internet meme.

These guys (above video clip) have created a music video for the song, in early 90s VHS video quality style. Enjoy.

Original flash
According to Wikipedia the first "video" version of the song was this simple flash clip. Since it evolved and the  youtube clip on this page is by far the most popular.