Thanks every for help. Thing become more interesting now
First, please note the original waveform I posted is negative voltage. The slope actually happens when the gate is cutting off, not turning on.
Then, as advised, I go for the extreme case by removing R1 and R2 and drive gate using AVR output directly.
I set the PWM width to about 25% and this is the wave form I measured across LED (led.png)
And if I use R1 = 100R and R2 = 1K, the result is same.
Check the voltage drops a bit then the slope appears ..., but never reaches 0.
And if I put a 10K resistor in parallel with the LED, here is the output: (resistorload.png)
Seems like the LED need some discharge path ??