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In Alpha 1, the key to the Basement door is inside the crib despite a drawing on the floor says to burn the Teddy Bear in the furnace to get the key. The teddy bear was also in the crib as well as a Mannequin looking like it's reaching for the bear. Other than the key, the crib has no real use.
In Alpha 2, the crib reappeared in the nursery and in the basement. The crib had no significance this time at all, and this was the last build it appeared in. In the basement, the crib was with building blocks, drawings, and a teddy bear indicating that children were being held in the basement.