First check that your battery is fully charged. A failing battery will cause cycling.
My pump will cycle if I turn the Varistream up too high, it's down to the extra resistance of micro bore coils on the reel, building up back pressure.
Try running all your hose out, if this cures your problem, you have found the cause. I can't use a higher setting than the 12 o'clock position without my pump cycling.
You may have to turn the inside dial up even more to overcome the back pressure.
As you have already disconnected the pump pressure switch,[or should have]
Turning the Varistream inside dial up to maximum would in fact give you a higher PSI than your pump rating.
Williams's test the Varistream with a 100 psi pump, with the inside dial set at maximum, It will in fact run at a connector bursting 130 psi. Dai