The Bullets concept is the final primary passing concepts of the Urban Meyer and Dan Mullen Florida Spread Offense (the others being H Option, Follow, Follow Pivot, Houston). Chris Brown of Smart Football / Grantland wrote a post on this same concept here that I would recommend reading as this article is quite brief. Bullets is a Play-action Pass concept that was Florida's "home run" play during the Tim Tebow era.
The #1 WR runs a Post unless he sees Cover 2, then he will run a 12 yard Curl route. The play doesn't need to be run with Jet Sweep action, although this action is very good for putting the Force player in a bind if he comes up for the run.