Well, actually it's not how fast the data travels as much as it's how fast something is processed or the frequency of processing known as clock cycles. The data travels as fast as electricity can move which is close to the speed of light.
You obviously understand what the bus is: a bus is a subsystem that transfers data between computer components inside a computer or between computers. For a diagram see
Front Side Bus. The bus speed is then the clock rate established by the computer's internal hardware clock (not the one that shows you the time of day.) The higher the clock rate the more data can be transferred per unit of time.
The CPU's clock rate is tied to the bus clock usually by a multiplier circuit. So, for example, if the bus clock speed is 800 MHz and the CPU multiplier is 3x, then the CPU's clock rate will be 2.4 GHz. The CPU's clock functions much like the bus clock in that it determines how much data the CPU can process per unit of time.