In this paper we have measured the dielectric spectrum of water-saturated bones in native and demineralized states up to 1 GHz in the time domain. A novel method of analysis of the time domain spectroscopy data has been used. The results show a dielectric dispersion centered around 400 MHz for native samples and around 200 MHz for demineralized ones. The proposed mechanism for this dispersion is the movement of polar side chains, which is in agreement with what happens in hydrated collagen fibres.