The two fingers stand for the two parts of the Cub Scout Promise - "TO HELP OTHER PEOPLE" and "TO OBEY."
 

They look like a wolves ears ready to listen to Akela.
 

Give the Cub Scout sign when you say the "Cub Scout Promise" and the "Law of the Pack."
 

When a Cub can give the Cub Scout sign and tell what it means, he has completed Bobcat track number 4.