The effect of aging initially fully amorphous isotactic polybutene-1 (iPB-1) at temperatures between 243 and 283 K on form II nucleation and cold crystallization has been quantified by fast scanning chip calorimetry. Aging of amorphous iPB-1 at temperatures close to the glass transition temperature leads to formation of nuclei which accelerate subsequent cold crystallization. Analysis of the enthalpy of cold crystallization on heating differently aged samples revealed a maximum rate of nucleation at around 265 K. In contrast, the maximum rate of form II crystallization is observed at distinctly higher temperature of 330-340 K. It is suggested that formation of form II crystal nuclei in the glassy state requires prior densification of the glass since acceleration of cold crystallization on heating the aged glass is detected only after completion of the enthalpy relaxation. The analysis of the rates of nucleation and cold crystallization of iPB-1 at low temperatures is a necessary completion of prior work on the phase transition behavior, and contributes to further understanding of mechanisms of crystal nucleation in polymers.