You need to completely uninstall it and than reinstall it. You need to remove buddypress gifts left out from your mysql database too. Than you need to reinstall it as my mistake was that i renamed “bp gifts latest 2014” to “buddypress gifts latest 2014” which created an issue. Hope you have understood. If not I can help you out.
I have updated plugin to version 1.2. if you get a redeclare error in your admin page after activating the new plugin than you need to deactivate the old plugin starting with bp-gift and than you can activate the new plugin starting with buddypress-gift . This will solve your error.