John Blair's Illustrated Discography mentions that the lead guitar on this is Peggy Jones (a/k/a Lady Bo), who played with Bo. One on-line posting (the second) has the comment that all guitars in this track are Peggy Jones, confirmed here. At allmusic.com the track is attributed to Ellas McDaniels a/k/a Bo Diddley reflecting the credits on the releases.
Note this was a 1961 release, so essentially pre-surf, unlike later Bo Diddley surfsploitation releases.
Incidentally, Peggy Jones is also the guitarist in Les Cooper's Wiggle Wobble, an instrumental hit covered by some of the original surf bands, for example, the Rumblers.
Brandonio tells me he thinks someone has covered this more recently. Can anyone confirm that?