A wonderful expression from the sailing days of old where ships under a full press of canvas would push the seas aside with a great white bow wave on either side. If they were coming straight at you, they would look a bit like an exuberant, happy dog with a "bone in their teeth."
The appearance of a boat sailing with exhilarating speed so as to create a prominent bow wave; as in: "Look at that ketch go! She’s got a bone in her teeth!" (The image comes to mind of a dog, merrily running with a bone.)