The song is "That New Step" (1929)
You can see and hear it here:
http://www.spanish-music.org/videos/video-kY6v_BGqBSw.php My attempt:
Nowadays there's a new dance craze that captivates the land.
Something hot that's quite a lot way, like every jazzy band.
Here is one that I know will please you, absolutely new.
Just listen and I'll explain this brand new dance for you
Here we go, nice and slow, down and dippy, feeling so.
It's peculiar, it will fool you, if not just stop the rock of this two step.
First you fly, then you fly, bud of beat, side by side.
You learn it. Quick it's just a new fit that bonds you.
Girls, make the leap, boys, vocal beat
You will learn it too, it's a slow step.Be up to date, don't be late, now how late and hesitate
I'm gonna play, when do you think to make that, too?I am not sure about the expressions "bud of beat", "quite a lot way" and "a new fit that bonds you"
Any help? Thanks.