  We present new observations of the fundamental ro-vibrational CO spectrum of
V1647 Ori, the young star whose recent outburst illuminated McNeil's Nebula.
Previous spectra, acquired during outburst in 2004 February and July, had shown
the CO emission lines to be broad and centrally peaked-similar to the CO
spectrum of a typical classical T Tauri star. In this paper, we present CO
spectra acquired shortly after the luminosity of the source returned to its
pre-outburst level (2006 February) and roughly one year later (2006 December
and 2007 February). The spectrum taken in 2006 February revealed blue-shifted
CO absorption lines superimposed on the previously observed CO emission lines.
The projected velocity, column density, and temperature of this outflowing gas
was 30 km/s, 3^{+2}_{-1}E18 cm^{-2$, and 700^{+300}_{-100} K, respectively. The
absorption lines were not observed in the 2006 December and 2007 February data,
and so their strengths must have decreased in the interim by a factor of 9 or
more. We discuss three mechanisms that could give rise to this unusual outflow.
