bunting (n.1)
"flag material," 1742, perhaps from Middle English bonting gerundive of bonten "to sift," because cloth was used for sifting grain, via Old French, from Vulgar Latin *bonitare "to make good."
bunting (n.2)
lark-like bird, c.1300, bountyng, of unknown origin. Perhaps from buntin "plump" (compare baby bunting, also Scots buntin "short and thick;" Welsh bontin "rump," and bontinog "big-assed"), or a double diminutive of French bon. Or it might be named in reference to speckled plumage and be from an unrecorded Old English word akin to German bunt "speckled," Dutch bont.