I am an Austrian and couldn't manage to find out the meaning of this phrase. I looked up several dictionaries, encyclopedias and search engines - in vain. Please help me!
The words don't mean anything; they are just there because something is needed to rhyme with 'basket' later in the nursery rhyme. It might just as well have been 'a-risket a-rasket' or 'a-pisket a-pasket' on the same lines as other old songs with 'hey nonny-nonny' and other nonsense rhyme-words.