Taylor featured prominently for Cherries manager Lee Bradbury in the early stages of the season, appearing in seven of the Dorset club's first nine outings and opening his account for the club in the Carling Cup victory over Dagenham in August.
However, following the arrival of Wes Thomas and subsequently Matt Tubbs, Taylor has struggled for first-team action and has made just four substitute appearances since September.
The 21-year-old will be available for the Bulls' League Two clash with Cheltenham at Edgar Street this weekend.
Bournemouth boss Bradbury told the club's official website: "They asked if they could take him on loan for a month and I put it to Lyle. He's become a little bit frustrated at the fact he's not got too many opportunities as of late and he needs to go out and get some fitness.
"He's out of contract at the end of the season, and for me to see the best of him I think it's the best thing to do. Hopefully he will come back quicker, sharper and in a better place in his mind."
