ok, i had this problem befor. what is the C rating on your LiPo and how many mAh does it have.
i know the SW-Cheetah can take the voltage, but it is designed to be used with non-LiPo batteries. basicly the LiPo is pushing too much current through the SW-Cheetah, so it thinks that your batt is either over charged or you have a short somewhere(which you dont). you need to get a LiPo PCB from ProjectWolfDragon.com. it is designed to work with the Extreme-fire mosfets and connects to the input terminal on the SW-Cheetah side. i know it's a pain in the ass to add another board, but you are going to need it for the SW-Cheetah to work correctly. the LiPo PCB also tracks the voltage of each cell in the LiPo pack and communicates with the MOSFET, so it'll cut the power if the battery voltage gets below 3.2volts/cell.
it's really the only way to get the SW-Cheetah working with an 11.1v battery, and with out it the Cheetah (if working at all)will not shut down and over discharge your LiPo.
here you can see the LiPo PCB on top of the SW-Cheetah (green LED means everything is working). the LiPo PCB also warns you if anything is wrong once connected (it has a red, yellow and greed LED to indicate any problems)