Attested since 1922, of unclear origin. There are several suggested origins, but it most likely arose in imitation of the numerous animal-related nonsense phrases popular in the 1920s such as the cat's pyjamas, cat's whiskers, cat's meow, gnat's elbow, monkey's eyebrows etc.
A popular folk etymology has the phrase referring to the world champion dancer Bee Jackson. Another suggestion is that the phrase is a corruption of business
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