I would expect to see a comma before "it," as in Alexandra's example. Song lyrics, written out, often fail to use "proper" punctuation, though, because the singer's rhythm and pauses follow the music, not the written words.
Here's an example, from a poem I like by A. E. Housman. The voice speaking in the poem tells about getting drunk and lying down to sleep in the street, happy. See the third line below:
Then I saw the morning sky:
Heigho, the tale was all a lie;
The world, it was the old world yet,
I was I, my things were wet,
And nothing now remained to do
But begin the game anew.