Have you tried running it at the lowest graphics quality? I'm asking since on the lowest quality setting there is no VSync enabled, perhaps that can make a difference in case it is a screen refresh sync issue.
Sorry there are so many changes made to the latest version that it would be too much work to go back to the old codebase.
If there is no way you can get it working email me at fpvfreerider@gmail.com and I will arrange for a refund.