Christ Died for God (?)
If I said that Come Let Us Worship the Lord (see below) perhaps didn't teach a whole lot of theology, then there are a number of other Steve Camp songs that do. I think I might have learned penal substitutionary atonement by osmosis as a teenager through this one:
Christ Died for God
(Steve Camp/Rob Frazier)
Christ died for God and God was satisfied with Christ
Pure, unblemished sacrifice
Oh, Son of Grace
...
Christ died for God and God has made him Lord of all
For he drank the bitter gall
The cup of wrath
I am not so sure, though, of the line "Christ Died for God" ...