By the time I wrote this one, I had figured out more of the rhyming pattern (though I hadn't quite perfected it). This time, Bilbo meets Smaug the Magnificent.

Furry Little Thief

Down he scrambled, a furry little thief,
Long way from home, and far above heath.
  Down tunnel he went, down a long vent,
     To steal from a dragon's hoard.
        Lord! Board!
     Being eaten alive was his fear chief
While taking a dragon's hoard.

Heart pounded loudly, but soft were his feet.
As he came near the end, he felt the heat.
  Through lust and greed, Smaug longed for a feed,
     And hobbit would do him nicely.
        Twicely! Thricely!
     It had been long since Smaug tasted fresh meat,
And hobbit would suit him nicely.

The room that he entered was filled with light.
He looked all around and got quite a fright.
  On treasure piled high, the dragon did lie,
     And faked that he was asleep.
        A-deep! A-peep!
     T'was Smaug the Great, a magnificent sight.
He faked that he was asleep.

A bright light from Smaug's eyes pierced Bilbo's place,
But a magic ring kept hidden his face.
  Even dragon sight, with wonderous light,
     Could not see Bilbo Baggins.
        Dragons! Flagons!
     So Smaug the Great could only see space,
Where stood a Bilbo Baggins.

"So, thief you come," said Smaug to his burglar.
Though even with Ring, Bilbo dared not move further.
  "Pray, what is your name?" asked Smaug, quite game,
     But he got no straight answer.
        Prancer! Dancer!
     So Bilbo riddled, not caring whether
Smaug wanted a straight answer.

Said Bilbo, "Farewell", then ran quickly out.
But out of Smaug's nose flame leapt with a spout.
  With hair and feet singed, poor Bilbo cringed,
     And thought that he'd said too much.
        Such! Clutch!
     But when the dwarves saw him, O did they shout,
Even though he'd said too much