These bits are not designed to be run in the orientation shown in your example, they are run at 90 degrees to the cut shown in your example. It may be possible to use a bit to cut in the orientation of the example and it may be possible to cut boards of a width of slightly over twice the cutting length of the bit. This would be dependent on the length of protrusion of the bit through the router base and, of course, a high level of accuracy with your setup would be required since you would need to feed both sides of the stock past the bit to achieve the necessary width.
See this video, it might help to explain what I'm trying to say as reading back over what I've written I suspect it's probably as clear as mud. :doh:
YouTube
The joint in your example has been cut by a machine in a large factory and is not generally seen in home/small shop situations.