There are really two questions here (I think):
why is the voltage drop so different for the cold LED (notice it ranges from 3.5 to 4.5 V at LN temperature, but from 2.0 to 3.2 at room temperature)
why does the LN curve exhibit the strange curvature?
CuriousOne already hinted at the answer - this has to do with the temperature of the LED. In particular, the voltage developed at constant current is much greater at low temperatures.
In the case of the device immersed in LN, the heating will initially be quite small as the current is small. Thus the junction temperature does not change much. But once the current increases, so does the heat dissipation - and then the junction heats up and the forward voltage will drop. As CuriousOne suggested, very short pulses of current of different magnitude might remove some of that effect. In fact, LEDs are known to be more efficient (quite a bit!) when driven with a pulsed rather than constant current - this is mostly related to the saturation of absorption centers in the lattice (bleaching) but also somewhat to heating effects.
So what causes the overvoltage to be a function of temperature? This is explained in this article which shows that the overvoltage of a diode junction near room temperature changes by about 2.5 mV / °C. At LN temperatures (about -195 °C) you would expect the voltage to be at least 0.5 V higher than at room temperature: the fact that it is a bit more is because it is not a "small" temperature change so the simple expression doesn't quite apply.
The ideal diode equation states
$$I_D = I_S\left(e^{V_D/\eta V_T}-1\right)$$
In this equation, the thermal voltage $V_T = \frac{kT}{q}$ - the Boltzmann constant times the temperature divided by the charge on the electron.
Since Boltmann constant and charge are constant, it follows that the thermal voltage scales with temperature: and the saturation current $I_S$ depends strongly on temperature (it is much lower when the temperature is lower, as there are fewer electrons which have sufficient energy to cross the bandgap).
There is a better analysis of all this at this educypedia link where they explore and graph the behavior. Specifically, it explains that the strong temperature dependence of the forward voltage relates directly to the saturation current, which itself is a strong function of the bandgap (quite large for blue LEDs) and temperature. This is the effect that I believe dominates here.