It is an old joke, but the Two Cows format (and spin-offs) has enjoyed a revival. Here's one list:
Cows, Geopolitics and Big Business
There is even one item about Singapore's democracy:
Singaporean Democracy: You have two cows. The government fines you for keeping two unlicensed farm animals in an apartment.
This one below has been reposted on Facebook multiple times:
Two cows explain economics...
And finally, Singapore's own mrbrown gave us his own "cow peh, cow boo" rendition (don't forget to watch the remix!):
You have two cows: mrbrown's Asian Edition