My Chams in the past have done this when they see a certain food item. In general it's a sign of excitement; whether that be aggression, arousal, etc depends on the situation...
 
My 5-6 month old male done this tonight when I showed him the female. She however wasn't happy one bit lol.
 
This occured today and really freaked me out? He had been out free ranging, just sitting at this one spot for a while VERY bright and colorful but he was also puffed up and opened his mouth for a second, so naturally i thought he was grumpy cuz he had to go back. When I put him in that's when i noticed the slight head bob, he was still bright and colorful i even noticed some spots i had never seen before on the side of his head ?He would bob like 3 times every few minutes and seemed very vigilant and active, a lil over 2 YO
 
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