The Hoosiers are my favourite band, so of course you'd think my opinion is bias, but I don't just sit and 100% love everything that any musician I like sings, but in this case, I love this! I haven't listened to the original much, but I recall doing so when I first heard the cover to see how the two differed. I just took another listen, and it isn't great. But this cover is wonderful.
I think they did a really good job on covering this so well, seeing as the sound of the original is nothing at all like their sort of music, but they put a nice spin on the song and I specifically love the use of the Stylophone...
Also, love the sort of natural feel to it, that they just recorded it in that shot, and haven't used loads of mics to get the sounds exactly right and play around with it as if it were being released like many artists who do covers end up doing. This gives it a stripped back feel says that they did it more for the fun and because they just want to share it with their fans!