You generally sing the “Ring-a-ring o’ roses” part walking round. It doesn’t really matter which of the jumping up parts you do first, so long as everyone knows what to expect. You can walk back round to your starting position during the repeat of “Ring-a-ring o’ roses”.
Ring-a-ring o’roses
A pocket full of posies.
Atishoo, atishoo.
We all fall down.
The cows are in the meadow eating buttercups.
1, 2, 3 and we all jump up.
Ring-a-ring o’roses…
Fishes in the water, fishes in the sea.
We all jump up with a 1, 2, 3.