(ed: it's interesting that it doesn't rhyme if you say it in a southern (English) accent...)

I see London
I see France
I can see your underpants.

(or "I see xxxx's underpants" - add your friends name instead of the x's)

(ed: as used in the surprisingly good little film 'Rugrats in Paris')

Another version is:

I see London
I see France
I see someones' underpants
Be they white
Be they pink
I don't know but they sure do stink.