Parodies like this—not for sale—are OK under Fair Use. Weird Al Yankovic did a song called “Yoda”, based on the same song. Since his was a song that would be _sold_, he had to get the rights from both Ray Davies _and_ George Lucas (or so he said to Dr Demento years ago)
From what I understand, you do not need to get an artist’s permission to do a parody on their song, whether you sell it or not. I think “Weird Al” gets permission only because he wants to extend them the courtesy of saying yes or no - doesn’t want to create any hard feelings.