The "natural" approach by just pushing our brute force way through.
For simplicity of typing, let $ \lambda = L$.
The solutions to the characteristic equation $x^2 - Lx + L = 0 $ are $ \alpha = \frac{L+ \sqrt{(L-4)L}}{2}$ and $ \beta = \frac{L- \sqrt{(L-4)L}}{2}$.
We have $ \alpha + \beta = L, \alpha\beta = L, \alpha - \beta = \sqrt{ (L-4)L}$.
The solutions to the recurrence relation is of the form $b_n = A\alpha^n + B\beta ^n$.
The initial conditions are $b_0 = \frac{1}{L}$ (Check this!), $b_1 = 1$.
So we want to solve for $ \frac{1}{L} = A + B , 1 = (A+B) \frac{L}{2} + (A-B) \frac{\sqrt{(L-4)L}}{2}$.
Solving this system gives $A+B = \frac{1}{L}$ and $ A-B = \frac{1}{\sqrt{(L-4)L}}$, or that $A = \frac{ \sqrt{L} + \sqrt{L-4} } {2 L \sqrt{L - 4} }$ and $B = \frac{ - \sqrt{L} + \sqrt{L-4} } {2 L \sqrt{L - 4} }$.
Hence $ b_n = \frac{1}{2L \sqrt{L-4}} [\sqrt{L-4} (\alpha^n + \beta^n) + \sqrt{L} (\alpha^n - \beta^n)]$, which OP stated in the comments.
This can be further simplified to
$$b_n = \frac{1}{2}[ \frac{(\alpha^n + \beta^n)}{\alpha+\beta} + \frac{(\alpha^n - \beta^n)}{\alpha-\beta}] = \frac{\alpha^{n+1} - \beta^{n+1}}{\alpha^2 - \beta^2} . $$
Observing that $b_{2^k-1} = (\alpha^{2^k} + \beta^{2^k}) b_{2^{k-1} -1} = \prod_{j=1}^k (\alpha^{2^j} + \beta^{2^j}) $, we choose to focus on $c_k = (\alpha^{2^k} + \beta^{2^k}) $ and show that this sequence isn't always positive, which would then yield the desired negative $b_n$.
Proof by contradiction. Suppose $c_k$ is always positive.
We have $c_{k+1} = c_k^2 - 2L^{2^k}$, which gives $c_{k+1} - 2L^{2^k} = ( c_k - 2L^{2^{k-1} } ) ( c_k + 2L^{2^{k-1} }) = (c_1 - 2L) \prod_{j=1}^k ( c_j + 2L^{2^{j-1} }) $.
Notice that $c_1 - 2L = L^2 - 4L < 0$.
Since $c_k$ is always positive, thus $\prod_{j=1}^k ( c_j + 2L^{2^{j-1} }) > \prod_{j=1}^k ( 2L^{2^{j-1} }) = 2^k L^{2^k - 1 } $.
Then, for a large enough $K$, $2^K (4L-L^2) > 2L$, which would give $c_{K+1} - 2L^{2^K} = (c_1 - 2L) \prod_{j=1}^k ( c_j + 2L^{2^{j-1} }) < - 2L^{2^K}$, which results in $c_{K+1} < 0 $ as desired.
Thus, we have the stronger statement that eventually one of $b_{2^k - 1}$ is negative.