When $x_2$ gets close to the origin its derivative very quickly becomes very small, mean while the dynamics of $x_1$ drives $x_1$ closer to $x_2$. So $x_1$ should be driven to some manifold defined by $x_2$. In order to also utilize this behavior for the Lyapunov function one could define it as
$$
V(x) = \frac{1}{2} (x_1 - f(x_2))^2 + \frac{1}{2} x_2^2. \tag{1}
$$
Taking the time time derivative of this yields
$$
\dot{V}(x) = (x_1 - f(x_2)) \left(-x_1 + x_2 + \frac{d\,f(x_2)}{d\,x_2} x_2^3\right) - x_2^4. \tag{2}
$$
If there exists a function $f(x)$ such that
$$
x + \frac{d\,f(x)}{d\,x} x^3 = f(x), \tag{3}
$$
then $(2)$ can also be written as
$$
\dot{V}(x) = (x_1 - f(x_2)) \left(-x_1 + f(x_2)\right) - x_2^4 = -(x_1 - f(x_2))^2 - x_2^4, \tag{4}
$$
which would be negative definite.
The equation from $(3)$ is equivalent to the following differential equation in $f(x)$
$$
\frac{d\,f(x)}{d\,x} = \frac{f(x) - x}{x^3}, \tag{5}
$$
which can be written into a form that is easier to solve by using an integrating factor of $e^{1/(2\,x^2)}$, yielding
\begin{align}
\frac{d}{d\,x}\left(e^{\frac{1}{2\,x^2}}\,f(x)\right) &= -\frac{e^{\frac{1}{2\,x^2}}}{x^2}, \tag{6a} \\
e^{\frac{1}{2\,x^2}}\,f(x) &= -\int \frac{e^{\frac{1}{2\,x^2}}}{x^2} dx. \tag{6b}
\end{align}
The integral from $(6b)$ can be shown to equal
$$
\int \frac{e^{\frac{1}{2\,x^2}}}{x^2} dx = -\sqrt{\frac{\pi}{2}}\, \text{erfi}\!\left(\frac{1}{\sqrt{2}\,x}\right) + c. \tag{7}
$$
Therefore, the general solution for $f(x)$ can be expressed as
$$
f(x) = e^{\frac{-1}{2\,x^2}} \left(\sqrt{\frac{\pi}{2}}\, \text{erfi}\!\left(\frac{1}{\sqrt{2}\,x}\right) + c\right). \tag{8}
$$
Since $(8)$ contains expressions which are not very common (mainly the imaginary error function)/ Therefore, I also tried if I could approximate it with a "simpler" expression and I got a decent approximation for $c=0$ using
$$
f(x) \approx \frac{x + 5.506\,x^3 + 1.012\,x^5}{1 + 2.175\,x^2 + 6.107\,x^4 + x^6}. \tag{9}
$$
The expression from $(8)$ is not well defined near $x=0$ (although the limit does exist) but the expression from $(9)$ does not suffer from this. However, I have not yet been able to show that the Lyapunov function is also negative definite using this expression for $f(x)$.