Don't quote me on this as I'm sure a CG person would know for sure but I believe it's for VIP transport of CG leadership, ie the Commondant of the CG.
I thought the same thing last winter when I saw it (I think there's only one)doing approaches up in Rochester NY. CG G-V in ROC, hmmm.... So I looked it up and found some photos on airliners.net and some background info.
That is the only G-V that the CG has. It is used for transport of the Commandant or the Sec of Homeland Security. Before they had the nice jet (an old G-III and then a hand me down G-IV) the Sec of Transportation would usually ride on AF jets out of Andrews. I guess now that they have a real nice ride the Sec likes to take the CG G-V out of Reagan National Airport and so the Commandant and his staff end up without their primary ride quite often.
There used to only be 4 pretty senior pilots for the "Air Station Washington", I think there are now 6 for that one jet. Fairly competitive to get an assignment there you can be sure.
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