Ok there was originally a writeup above mine that actually explained what this nursery rhyme/tongue twister was about, but it has dissapeared now into the nodgel so I shall have to compensate.

In case you can't tell, there are two horses One-One and Two-Two.

The way I learnt it is as follows. I have used text for the whole lot and you get the best effect when you quickly say it out loud.

One-One Was A Racehorse
Two-Two Was One Too
One-One Won One Race.
Two-Two Won One Too

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