Definitely the bolded part, imho.
I imagine this bow would look like angel's wings spread wide open without a string between them, but when you make the gesture of drawing the string, a radiant arrow appears to nock itself, ready to be shot (but only if no other arrow is provided; any other arrow would function as normal with a magical bow)
Given that most people encounter angels at fairly high level (weakest of them being Deva at CR 10), I'd say that this bow would have to be at least +2 (although probably +3) weapon on its own.