The fact that the temperature spikes up quit quickly, rather than taking some time to heat up, suggests to me that either the cooler isn't making proper contact or that the pump isn't working as it should - as opposed to the cooler being unable to deal with the heat output and getting saturated.
First thing I'd check is the pump, how is it currently connected? if it's on a motherboard header, try it on a Molex to 3 pin fan adapter if possible, just to rule out either the header or the board doing something funny with voltage/speed control.
If it does the same thing directly connected to the PSU, is the pump vibrating, making any odd noises, or is it totally silent? There should be a slight hum, a bubbling noise or anything odd could indicate a trapped air bubble, whereas total silence might mean it's not functioning.
Is the radiator getting warm at all, or staying stone cold? That could also indicate an air lock or lack of heat transfer.
Finally it's worth removing the cooler just to make absolutely sure it's seated properly, you should have a good spread of thermal paste and indication that it's contacting across the whole base, not, say, skewed to one side. This is quite unlikely if it was working fine before and if the PC hasn't had any knocks or bangs to unseat the cooler, but it's worth checking as a last effort anyway.