Ultrafast two-dimensional infrared (2D-IR) spectroscopy is used to study the picosecond dynamics of a vibrational probe molecule dissolved in a fragile glass former. The spectral dynamics are observed as the system is cooled to within a few degrees of the glass transition temperature (T(g)). We observe nonexponential relaxation of the frequency-frequency correlation function, similar to what has been reported for other dynamical correlation functions. In addition, we see evidence for α-like relaxation, typically associated with long-time, cooperative molecular motion, on the ultrafast time scale. The data suggests that the spectral dynamics are sensitive to cooperative motion occurring on time scales that are necessarily longer than the observation time.