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I bought a domain name on godaddy a couple of weeks (before SOPA) back. Now I want to transfer the hosting to bluehost where I have my other domains. When I try to transfer, bluehost tells me

The domain xxxss.com was recently registered [Registrar GoDaddy.com, Inc.] xx days ago. You must wait another xx days before you will be able to transfer the domain.

Do you know why that is? How can I transfer the hosting for this out?

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From here:

ICANN, the corporation responsible for regulating all domain registrations, prohibits anyone from transferring a domain until 60 days after registration or transfer. If you registered or transferred your domain within the last 60 days, you won't be able to transfer your domain successfully until this waiting period is over.

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Basically, you're stuck and have to wait this out.
This isn't unusual, but specifically from the GoDaddy knowledge base:

A 60-day transfer restriction period applies when you register or transfer a domain name, update the registrant contact's organization, or update the registrant contact's first or last name and an organization is not listed.

You'll find explanatory links there, for the ICANN explanation, as well as GoDaddy's specific registration arrangement(which, technically, you agreed to). You're interested in Section 2, under "Please note the following"

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