I read the story It's Groundhog Day by Steven Kroll  and use the song above for an art project/finger play.

Have students fold a piece of 8 1/2 x 11 paper 1/3 of the way up.  On the folded part color grass. Glue the poem under the grass.  On the top part of the paper draw a sun.  Find a clipart groundhog to copy for each child.  Color and cut out the groundhog and paste it to a stick.  Cut a slit in the folded part of the paper to poke the stick through.  Have the students sing the song with you!  (Tune:  I'm a little teapot)
Visit the February Library for Groundhog Day Books
Have your students graph their hope that the groundhog
Sees His Shadow or Does Not See His Shadow
After each child marks the graph have them illustrate their reason behind their answer (pictures of snowmen,sledding and pictures of flowers, birds,etc.)  Display their drawings under the side by side captions
Groundhog, Groundhog What Do You SEE?  I see spring coming soon, yippee!
and
Groundhog, Groundhog What Do You SEE?  I see six more weeks of winter, yippee!
~Groundhog Day Graph~
Groundhog Day Cupcakes
Prepare 1 cupcake with chocolate frosting for each child.
Have children add 2 vanilla wafers for the ears
3 M&M's for the eyes and nose
2 mini marshmallows for the teeth
Groundhog clip art and poem link
Fold line....cut small slit in center
The open fold is here.  Color grass green.  Mine looks black in the scanned picture...not sure why.