After using the token with the chrome app, I have to close the app and to remove the token from USB. Then I have to insert the token and afterwards to start Electrum. Then the PIN request comes and afterwards it works. (I'm sure, I've also tried it like this before (without success), but now it works as expected.
It reminds at the work-around strategy for Windows to shutdown and restart to solve certain problems. That's not a satisfiable strategy for computer specialists, but it seems that it solves this problem too (hopefully permanently).
eParanoid (with best wishes for users with similar problems)
It appears that the Ledger has to be removed and re-inserted between invocations of Electrum (and the Chrome app as well). I just tried the scenario you just described and was able to re-produce the results. If I leave the Ledger installed, stop and re-start Electrum, I also get "device not found". If I stop Electrum, remove and re-insert the Ledger, and then restart Electrum it works.