When all clocks were mechanical, there were internal parts that moved in order to advance the hands of the clock by one second at a time. English people say that sound as "tick, tock, tick tock." So now, we use the term "tick, tock" to mean time is passing by.

tic toc is just the noise an analog mechanical clock makes I don't know the song but I suppose "tic toc on the clock revers to time passing by.