The explanatory card reads,
"The bow of the ship, the Hannah, springs forth from Rhode Island colonial history to interrupt the present, a symbol of rebellion and subsequent unification. The sculpture appears to crest an unseen wave, reminding us of the constant turbulence of urban cycles of renewal, which surround the park."
The Hannah was a packet boat whose crew played an important role in the burning of the HMS Gaspee in 1772.
I'm not sure if this is meant to be a permanent installation or just temporary, but I've seen kids enjoying it since it went up.