Here is a revised script that builds on the original story while making it more suitable for young children:
There once was a shepherd boy named Peter who watched over the fluffy sheep each day. One sunny afternoon, Peter felt very bored. To have some fun, he called out "Wolf! Wolf!" even though there was no wolf around.
All the villagers heard Peter calling for help. Mr. Baker dropped his bread. Mrs. Weaver stopped her weaving. They all came running up the hill as fast as they could, worried that a big bad wolf was chasing the sheep.
When the villagers reached the top of the hill, they searched all around but saw no wolf. "Peter, there is no wolf here