So I've collected all of the bug jars and I've been translating what I got so far is
Lake, Giant, Blood, Horse, Frost
Any ideas on what these jars do?

You're lacing the sixth one and there is nothing about them.

The http://www.uesp.net/wiki/Skyrim:Butterfly_in_a_Jar#Butterfly_in_a_Jar info from uesp. Not sure what the "sixth" one is that Ladyonthemoon is referring to, but I've never actually hunted them down.

Hi Theoriginaldragonborn - clever name.

Welcome to the forums and have a fishystick: http://images.uesp.net/c/c4/Fishystick.jpg(it's a tradition for new posters).

Even though there seems to be some sort of meaning related to the jars, I read a long time ago that once the developer's kit was released for the game, it turned out that there's no underlying connection. Maybe Bethesda didn't get around to full implementation or they just wanted to tease.

Enjoy the game anyway!

I was sure there were six of them...

Haven't found the sixth one
And I'm gonna have to agree with Kami, maybe they were part of a quest they just didn't finish it.