My lovely horse
running through the.. field
where are you going
with your fetlocks blowing
in the... wind
I want to shower you with sugar lumps
and ride you over...fences
i want to polish your hooves every single day
and bring you to the horse... dentist
My lovely horse
you're a pony no... more
running around
with a man on your back
like a train in the night
like a train in the... (hang on i can get this)... night!

this is unsurprisingly easy to play on the guitar, as ted's guitar technique is not formidable.
it's a g chord, except on 'field', 'wind', 'fences', 'dentist' and the final 'night', where it's a c (sort of).
for the full effect, take much longer to change between chords than is actually necessary,
(unless you're a really shite guitarist).