The same exact thing happened to me yesterday. I posted a thread "Registration/Demo Mode help" but didn't get any replies, maybe because the title wasn't as explicit as yours but anyhow this is the reply I received from Cakewalk support for the issue.
First,open up the Cakewalk Command Center. If you're logged in, log out and then log back in. Otherwise, simply log in. Once the Command Center has done its scan for updates, try launching SONAR.
The Demo pop up started going away before i tried the fix so I don't know if it helped or not. I'm not sure if it will come back because I haven't been using the program much at all. My question is how do you know whether your copy is registered or not? If I try to register it a message pops up telling me it's already registered. My older versions like X1 Producer,Studio,Home Studio,Pro Audio ... show my serial & registration codes on my account but only the serial number on my upgrade to Professional. For anyone reading this, where do you see a registration code or do you not see it anywhere?