This is an amazingly played song by blues master Lightnin' Hopkins.
While it's sung in a funny tone, the song is actually a metaphor about whites and blacks.
You see, back before the civil rights movement, there was a lot of racial tensions in the US, especially in the 50's and 60's.
This song, which also features some amazing fingerstyle skills, while humorous in the way Hopkins speaks it, has serious underlying tone, such as:
The black cat told the white cat, let go out to town and clown
The white cat told the black cat to sit his black self down
I do feel a lot of the speech is improvised... which is a usual style of Lightnin'... to make up lyrics as he went by.
Here's the song!