  (Abridged) We report on new and archival X-ray and near-infrared observations
of the anomalous X-ray pulsar 1E 1048.1-5937 performed between 2001-2007 with
RXTE, CXO, Swift, HST, and VLT. During its ~2001-2004 active period, 1E
1048.-5937 exhibited two large, long-term X-ray pulsed-flux flares as well as
short bursts, and large (>10x) torque changes. Monitoring with RXTE revealed
that the source entered a phase of timing stability in 2004; at the same time,
a series of four simultaneous observations with CXO and HST in 2006 showed that
its X-ray flux and spectrum and near-IR flux, all variable prior to 2005,
stabilized. The near-IR flux, when detected by HST (H~22.7 mag) and VLT
(K_S~21.0 mag), was considerably fainter than previously measured. Recently, in
2007 March, this newfound quiescence was interrupted by a sudden flux
enhancement, X-ray spectral changes and a pulse morphology change, simultaneous
with a large spin-up glitch and near-IR enhancement. Our RXTE observations
revealed a sudden pulsed flux increase by a factor of ~3 in the 2-10 keV band.
In observations with CXO and Swift, we found that the total X-ray flux
increased much more than the pulsed flux, reaching a peak value of >7 times the
quiescent value (2-10 keV). With these recent data, we find a strong
anti-correlation between X-ray flux and pulsed fraction, and a correlation
between X-ray spectral hardness and flux. Simultaneously with the radiative and
timing changes, we observed a significant X-ray pulse morphology change such
that the profile went from nearly sinusoidal to having multiple peaks. We
compare these remarkable events with other AXP outbursts and discuss
implications in the context of the magnetar model and other models of AXP
emission.
