Parody exception? The Swedish Chef does 'Popcorn'

Who doesn’t know it? ‘Popcorn’, the synthesizer hit from the sixties and later on sampled many times into the 21st century. Doesn’t ring a bell? Unless you've been living under a rock, you simply can’t have missed this tune:

Now, the Swedish Chef, well known from the Muppet Show, has created his own version of 'Popcorn': ‘Pöpcørn’ - just as (un)intelligible as all his other creations. And the link with copyright? Well, the original hit by Gershon Kingsley dates back from 1969, so it is still copyright protected. Would you think the Swedish Chef’s version is covered by the parody exception?

Watch, enjoy and judge for yourself.