For the LED itself, I would not use any solvents or cleaning agents. Start with a soft, lint free cloth and wipe any dust from the diode with the light turned upside down (so gravity will pull any impurities away from the electronics). I would avoid canned air products as well; the propellants in these products can be expelled from the nozzle and are VERY cold, this extreme temperature may damage the diode. Compressed air from a compressor (light pressure) can be used however to blow away dust and the like. Start with this, if anybody knows of any more effective cleaning measures, I'm sure they will chime in soon.
Good Luck!