Axe Masterson (MySpace interview) is a Vermont blues/folk musician who's been playing live and in the studio for over 25 years. In 2007, he recorded an album as tribute to the Lomax field recordings, with a version of "Death Letter Blues" (a song best-known recently for the White Stripes' version) and, of course, his version of Stag.
Musically, this is a peppy but stripped-down version, just Axe's vocals, harmonica, and some lovely slide guitar. The lyrics are similarly stripped down -- we don't get to hear about any gambling, or a bulldog, or Stag's adventures in hell, or how all the women weeped and moaned.
The CD is out of print, so the buy link down there goes to MP3 downloads at [redacted], the MP3 downloading service I personally prefer, and one which USED TO send a high percentage of proceeds back to the artists. ([redacted] has given me no money to say this; I just think they're great.)