Have you not set mine honour at the stake
And baited it with all the unmuzzled thoughts
That tyrannous heart can think?
Olivia is worried that because she sent the ring to Cesario (Viola) under false pretenses, he will think the worst of her. She compares her honor to the bear in a bear baiting, and Cesario's opinion to the dogs. In a bear baiting, the bear was chained to a stake fixed in the middle of the arena; dogs "baited" it by rushing at it, snapping and growling, with their fangs bared ("unmuzzled").