LOL. Actually this song was composed especially for an Amiga game called Jaguar XJ220, released in 1992 by CORE design. And also this song appears in Jaguar XJ220 game (track 5). 100% oldschool.
RetroInfoTech I decided to search in the ungloryness of the internet and i found that the soundtrack for Worlds 5 and 8 were made by a composer named Tomislav Jovanovik,and besides this song, all the other ones come from other mario games, or some other media, some of them are in Midi fromat. Anyway, i dont know if you care about these things or not xD