From H.P.Blavatsky - Teopedia
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I.H.S. This triad of initials stands for the in hoc signo of the alleged vision of Constantine, of which, save Eusebius, its author, no one ever knew. I.H.S. is interpreted Jesus Hominum Salvator, and In hoc signo. It is, however, well known that the Greek IHS was one of the most ancient names of Bacchus. As Jesus was never identical with Jehovah, but with his own “Father” (as all of us are), and had come rather to destroy the worship of Jehovah than to enforce it, as the Rosicrucians well maintained, the scheme of Eusebius is very transparent. In hoc signo Victor ens, or the Labarum  T (the tau and the resh) is a very old signum, placed on the foreheads of those who were just initiated. Kenealy translates it as meaning “he who is initiated into the Naronic Secret, or the 600, shall be Victor” but it is simply “through this sign hast thou conquered”; i.e., through the light of Initiation—Lux. (See “Neophyte and “Naros”.)

Source: H.P.Blavatsky - The Theosophical Glossary