Bhujung Bhushana

Shiva is called as Bhujung-Bhushana because he hugs and wears the serpents as an ornament of his body. One who does not march straight, rather puts forth crooked steps through arms, that is called Bhujunga (a serpent). Even such a Bhujunga is adorned by whom, that is called Bhujung-Bhushana.
In Sanskrit someone of crooked movement is called as Bhujunga. And Maya (The illusionary potency) always moves crookedly. So She is Bhujunga. For the sake of creation, Shiva accepts that Maya as an ornament, therefore he is called as Bhujung-Bhushana.
Otherwise a lusty and paramour type of person is also called as Bhujunga. The sense-gratification through various objects is also a Bhujunga. That is also an indifferent decoration of Shiva, so Shiva is Bhujung-Bhushana. Aalwal defines this name as under—

अभिचारसमर्थदारुकावनगैः प्रहितानहीन् दधत्।
गरुडादपि बिभ्यतस्तनौ कथितोऽसि भुजंगभूषणः॥

Purport: You are named as Bhujung-Bhushana because you wear the dangerous serpents which were sent by the powerful sages of Daruka-forest and you also wear the snakes which were fearful from the attack of Garuda, the son of Vineeta. When Shiva entered nude into Daruka-forest to test the sages, they tried to drive him away by throwing snakes upon him. Shiva turned those snakes into a personal ornament.
Yogiraj Narhari Swami accepts the ascetics similar to a serpent because they stay in the caves and survive on air. These Yogis are also maintained by Shiva only, so he is called as Bhujung-Bhushana. Otherwise Shiva is named as Bhujung-Bhushana because he dominates the snake of Kundalini power. In the spiritual science the flickering mind itself is like a serpent, and that is restrained by Shiva only. The spirit of mind is identical with the spirit of Shiva, such assumption is true sense of worship of Bhujung-Bhushana.