Followup infrared spectroscopy is reported for V1647 Ori, a young star whose recent eruption illuminated McNeil's Nebula. Lines of HI, H2, and CO are compared to previous observations. We find that the accretion rate fell two orders of magnitude and the CO bandheads disappeared at the end of the outburst. We also report a striking metamorphosis of the fundamental CO spectrum from centrally peaked profiles to emission lines with superimposed blue-shifted absorption lines and back again one year later. This remarkable change in spectral appearance indicates that the system did not return to equilibrium immediately following the outburst. In this paper we propose a mechanism to explain the emergence of a transient post-outburst outflow.