Lady Penelope's
Terribly wealthy
She lives in a big house
In terribly Chelsea
It's really quite good
It's really quite good

She's got 17 bathrooms
They've all got their candelabra
She's got her own chauffeur
I think he's called Arthur
She's terribly young
She's terribly sun-tanned

She knows how to stroll (?)
She's terribly fond of Pablo Picasso
She's got all his posters and some of his books
In a room at the top of the stairs

She's got a chihuahua
She calls him her baby
Got his own little house
Complete with central heating
It's a lucky chihuahua

And she's a gigolo aunt

She's terribly fond of Pink Floyd
She's very trendy for her age
But she's only 32
And the policeman smiled at the traffic warden
The policeman's name was Trevor
The traffic warden's Gordon

I could tell she was Russian by the way that she walked

I was walking along the road
I wasn't making a fuss
God came along and knocked me down
He was driving a big red bus

From the live performance at the London Muscicians Collective in Camden, 28/11/82.
Dan introduces the song, "This is an old Syd Barrett song called 'Lady Penelope'". It segues into a cover of Pink Floyd's 'Bike'.
Dan of Pink Floyd's 'Bike'.