I-E-A-I-A-I-O are the vowels in the word:
I-D-E-A-L-I-Z-A-T-I-O-N

Peter's [bad word] picked another
Pickle bearing [bad word] pepper,
Peter's [bad word] picked another
Pickle bearing [bad word] pepper, Why?

Meeting John Dale Jr.
Winked an eye and point a finger,
Meeting John Dale Jr.
Winked an eye and point a finger, Why?

former cop, undercover,
Just got shot, now recovered,
former cop, undercover,
Just got shot, now recovered, Why?

Fighting crime, with a partner,
Lois Lane, Jimmy Carter,
Fighting crime, with a partner,
Lois Lane, Jimmy Carter, (siren) WHY?

I-E-A-I-A-I-O,
I-E-A-I-A-I-O, Why,
And we light up the sky.

Peter's [bad word] picked another
Pickle bearing [bad word] pepper,
Peter's [bad word] picked another
Pickle bearing [bad word] pepper, Why?

Meeting John Dale Jr.
Winked an eye and point a finger,
Meeting John Dale Jr.
Winked an eye and point a finger, Why?

former cop, undercover,
Just got shot, now recovered,
former cop, undercover,
Just got shot, now recovered, Why?

Fighting crime, with a partner,
Lois Lane, Jimmy Carter,
Fighting crime, with a partner,
Lois Lane, Jimmy Carter, (siren)WHY?

I-E-A-I-A-I-O,
I-E-A-I-A-I-O, Why,
And we light up the sky,
I-E-A-I-A-I-O,
I-E-A-I-A-I-O, Why,
And we light up the sky.

Mine delusions acquainted,
Bubbles erotica,
Plutonium wedding rings,
Icicle stretchings,
Bicycle shoestrings,
One flag, flag everyone,
Painting the paintings of the alive!

I-E-A-I-A-I-O,
I-E-A-I-A-I-O, Why,
And we light up the sky,
I-E-A-I-A-I-O,
I-E-A-I-A-I-O, Why,
And we light up the sky