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It's an old one -- not in a lot of the modern collections. I actually just dug out the book that I had growing up, which definitely features a lot of older (and therefore darker/weirder) versions of the nursery rhymes. For instance: "There was an old woman / who lived in a shoe / she had so many children / she didn't know what to do. / She gave them some broth / without any bread / and whipped them all soundly / and put them to bed." (As opposed to "and kissed them all fondly / and put them to bed" or variations on that theme!)
Anyway, here is a shot of the illustration in question (although I swear it was more bosom-y when I was little, or else maybe I just thought Grandma was fat?): http://i.imgur.com/XMuXDnh.jpg?1