With the child on one knee--
This is the way the ladies ride, trot, trot. (gentle bounce)
This is the way the gentlemen ride, trot, trot, trot. (medium bounce)
But this is the way the farmers ride, giddy-up, giddy-up, giddy-up! (really big bounce)
Mostly, the kids will ask for a repeat, so in my family, you repeat the entire rhyme three times, and on the final "giddy-up" you lift the child off your lap and up over your head. Or, as a variation, you stand up and lift the child way up high.
Then the horse gets to rest for a few minutes before doing it all over again.