Hm, seems to be working ok here with my D5100 (previously I had thought the USB port was dead...just an "iffy" connection).
I will say you probably want to disable "Auto Stretch" when using live view. It will do some crazy things as it's using JPEG data and the white balance is likely not correct. So that will tend to exaggerate the white balance "incorrectness" a good deal.
And as mentioned above live view isn't really all that useful. You can use it to get very rough focus but ideally you want to use a Bahtinov Mask or use the Image History Module for fine focusing.
Thanks,
Jared