John Lennon wrote this song. As stated in the DVD Composing the Beatles Songbook, John was throwing together nonsense lyrics to mess with the heads of scholars trying to dissect The Beatles songs. They also mention that it's John's answer to Bob Dylan's "getting away with murder" style of songwriting. Lennon told Playboy years later that "I can write that crap too," which is rarely mentioned in relation to this song.
Lennon explained the origins of this song in his 1980 Playboy interview: "The first line was written on one acid trip one weekend. The second line was written on the next acid trip the next weekend, and it was filled in after I met Yoko. Part of it was putting down Hare Krishna. All these people were going on about Hare Krishna, Allen Ginsberg in particular. The reference to 'Element'ry penguin' is the elementary, naive attitude of going around chanting, 'Hare Krishna,' or putting all your faith in any one idol. I was writing obscurely, a la Dylan, in those days."
Lennon got the idea for the oblique lyrics when he received a letter from a student who explained that his English teacher was having the class analyze Beatles songs. Lennon answered the letter; his reply was sold as memorabilia at a 1992 auction.
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