This is pretty close to Leon Redbone’s arrangement.
Intro: D D7 G G D D A A D/Gm D G /D B7 E7 E7 How'd you like to spend Christ-mas _ on Christmas Island A A7 D /D#dim A7 How'd you like to spend a holiday a-way across the sea G /D B7 E7 E7 How'd you like to spend Christ-mas _ on Christmas Island A A7 D D7 How'd you like to hang your stocking on a great big coconut tree G Gm D B7 How'd you like to stay up late _ like the islanders do E7 E7 A /E7 A7 Wait for Santa to sail in with your presents in a canoe G /D B7 E7 E7 If you ever spend Christ-mas on Christmas Island A7 A7 D /D#dim A7 You will never stray for every day your Christmas dreams come true last time: A7 A7 D D7 You will never stray for every day your Christmas dreams come true G G D D A A D/Gm D