B S = Bomb Squadron Black Widow B25C of the 345th Bomber Group in WWII Possibly a commemorative decal, not sure. Google is your freind.
Here is one just like it. I thought it was a racing decal but it must be something else. http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=280562807344&ssPageName=STRK:MEWAX:IT