Betsy Is Back In The Ballet
This can be found in the collection of manly hymns, Hymns For Him
Most of the titles listed in the collections on the back of Saint Dude are references to older sheet music/songs. This sounds like it could be one, but I wasn't able to find evidence of an older song called this though. Some of the more humorous ones were made up by Beck and whoever helped him fill it out. I don't know which category this one is in.