Download your config.xml from diagnostics>backup/restore. Strip the trafficshaper section from it and replace it by a virgin part of the default config.xml. Reupload the modified config.xml and restart from scratch.
Just tried to do it, but RRD's queue graphs are still empty, whilst in queue status there are multiple items.
Don't understand why this happens.
If there aren't any files to edit/remove, I will update to final 1.2. It is an embedded install and I need to reflash it completely and reupload config with no shaper section in it.