Final answer:
The most likely cause of the ulceration is ischemic ulceration due to peripheral arterial disease (PAD).
Step-by-step explanation:
The most likely cause of the ulceration in the patient described is ischemic ulceration due to peripheral arterial disease (PAD). The patient's ankle-brachial index (ABI) of 0.55 indicates a significant reduction in blood flow to the lower extremities, resulting in poor oxygen and nutrient supply to the tissues, which can lead to ulcer formation. The negative Stemmer sign suggests that lymphedema is not the cause of the ulceration.