I have participated in a number of projects to study optical and near-infrared variability in young stars. The causes of the observed phenomena range from eclipses, to stellar rotation, to accretion disk activity, to variable extinction. Like many stars, the above example does not fit neatly into any of these categories and may be a case where several physical effects are occuring simultaneously.
I have collaborated on projects with Bill Herbst (Orion), with Luisa Rebull ( Orion and NGC 2264), both studying red optical variability, and with John Carpenter ( Orion, Chamaeleon, and Ophiuchus) studying near-infrared variability.