Not according to Snopes it's not.
[FONT=Verdana, Helvetica, sans-serif]The riddle is derived from the children's poem below.[/FONT]
[FONT=Verdana, Helvetica, sans-serif]---------------------------------[/FONT]
[FONT=Verdana, Helvetica, sans-serif]TIME[/FONT]
[FONT=Verdana, Helvetica, sans-serif]The time has come,[/FONT]
[FONT=Verdana, Helvetica, sans-serif]winter is here[/FONT]
[FONT=Verdana, Helvetica, sans-serif]and those yellow bears disappear.[/FONT]
[FONT=Verdana, Helvetica, sans-serif]The time has past[/FONT]
[FONT=Verdana, Helvetica, sans-serif]as man looks back with a sigh[/FONT]
[FONT=Verdana, Helvetica, sans-serif]and a tear in his eye.[/FONT]
[FONT=Verdana, Helvetica, sans-serif]As time is held[/FONT]
[FONT=Verdana, Helvetica, sans-serif]boys cross their legs[/FONT]
[FONT=Verdana, Helvetica, sans-serif]but of course the toilet begs[/FONT]
[FONT=Verdana, Helvetica, sans-serif]As time marches on[/FONT]
[FONT=Verdana, Helvetica, sans-serif]Girls loose their blush[/FONT]
[FONT=Verdana, Helvetica, sans-serif]and swap a comb for their brush[/FONT]
[FONT=Verdana, Helvetica, sans-serif]As time passes[/FONT]
[FONT=Verdana, Helvetica, sans-serif]For those held high[/FONT]
[FONT=Verdana, Helvetica, sans-serif]their end is nigh[/FONT]
[FONT=Verdana, Helvetica, sans-serif]As time catches up[/FONT]
[FONT=Verdana, Helvetica, sans-serif]Everyone is equal[/FONT]
[FONT=Verdana, Helvetica, sans-serif]when we get to the final sequel[/FONT]
[FONT=Verdana, Helvetica, sans-serif]As time turns[/FONT]
[FONT=Verdana, Helvetica, sans-serif]Without it we have flour and water[/FONT]
[FONT=Verdana, Helvetica, sans-serif]With it we have breakfast for my daughter[/FONT]
[FONT=Verdana, Helvetica, sans-serif]As time revolves[/FONT]
[FONT=Verdana, Helvetica, sans-serif]How does one turn water and wine[/FONT]
[FONT=Verdana, Helvetica, sans-serif]into something so fine[/FONT]
[FONT=Verdana, Helvetica, sans-serif]As time runs out[/FONT]
[FONT=Verdana, Helvetica, sans-serif]The more in a minute you try and squeeze[/FONT]
[FONT=Verdana, Helvetica, sans-serif]the less you can do with ease.[/FONT]
[FONT=Verdana, Helvetica, sans-serif]As time ticks[/FONT]
[FONT=Verdana, Helvetica, sans-serif]All the time that has past[/FONT]
[FONT=Verdana, Helvetica, sans-serif]man cannot comprehend something so vast.[/FONT]