ਗੁਰਕੀਮਹਿਮਾਕਿਆਕਹਾਗੁਰੁਬਿਬੇਕਸਤਸਰੁ॥Vaah! Guru is Bibeksar and Satsar
The word ਸਰੁ here goes with both ਬਿਬੇਕ and ਸਤ. The Aunkads have been removed because of implicit Sambandh Kaarak - da or ka. The meanings are that Guru is the Ocean of Bibek and Ocean of Sat.
Many translators have translated the word ਸਰੁ as Sarovar but this word also means Ocean. It's more befitting to translate this word as Ocean here as opposed to Sarovar. Why? Because -
ਸਤਿਗੁਰੁ ਵਡਾ ਕਰਿ ਸਾਲਾਹੀਐ ਜਿਸੁ ਵਿਚਿ ਵਡੀਆ ਵਡਿਆਈਆ ॥Gurbani is Agam Agaadh Bodh.
Daas,
Kulbir Singh
ਸਤਿਗੁਰਬਚਨਕਮਾਵਣੇਸਚਾਏਹੁਵੀਚਾਰੁ॥