Problem: Upgrading from version 1.0.6 (and below) to 1.1.0 and up resulted to broken templates.
Cause: New template system implemented and older templates are now incompatible
1. Revert to version 1.0.6. Download it here: http://downloads.wordpress.org/plugin/cyclone-slider.1.0.6.zip
2. Modify your template to the new format.
Create a folder inside your theme and name it
cycloneslider eg. using twentyeleven theme as an example: twentyeleven/cycloneslider.
Copy the default folder (and its contents) - plugins/cyclone-slider/default - and place it inside the cycloneslider folder - twentyeleven/cycloneslider/default.
Add your modifications to twentyeleven/cycloneslider/default/slider.php
Add your css modifications to twentyeleven/cycloneslider/default/style.css
Add your images to twentyeleven/cycloneslider/default/images/
NOTE: Always place your template modifications inside your theme like the example above and NOT in the plugins area. Templates inside plugins area are overwritten on upgrade and your changes will be lost.
Hope this helps! :-)