I wanted to clear up some of the science behind this effect.
First off, perhaps a better term (than the photoelectric effect) for the physical origin of this light sensitivity is the photovoltaic effect. This is what is responsible for the light sensitivity of PN junctions in photodiodes, LEDs, transistors, etc. The photoelectric effect, wherein an electron is ejected from the material into vacuum, isn't really going to be very relevant under the circumstances tested here. The absorption of light by the silicon at the PN junctions in the device is the dominant source of photocurrent when exposing semiconductors to near-UV, visible, and IR light (like a xenon flash). The bandgap of silicon is at a wavelength of about 1100nm and so any light with wavelengths shorter than that will be absorbed (up until about 400nm), inducing a photocurrent in the device.
Now, the thing that everyone seems unable to explain is why a xenon flash can do this while a flashlight or other light sources can't. The explanation for that is all in the peak intensity of the light. Most light sources are continuous, meaning they put out essentially constant light intensity. A xenon flash, however, is a pulsed source, delivering a huge amount of light in a very short period of time (on the order of microseconds). The peak intensity of a xenon flash is likely several orders of magnitude higher than even very bright flashlights. This means that the flash is able to produce a large amount of photocurrent all at once, destabilizing the IC. A flashlight on the other hand, even though very bright, only produces a trickle of photocurrent by comparison, which the IC is able to handle (dissipate) easily. You can imagine that PN junctions form a sort of RC high pass filter that passes the xenon flash but not the flashlight. Likewise, an LED flash doesn't cause the effect since it produces a longer pulse of light and with much less intensity. So in short, the xenon flash is unique in the shortness of its burst of light.
Overall, I would predict that light in the wavelength range of 1100nm to ~600nm is the main culprit and that there is a peak intensity threshold necessary for causing the RPi to crash.