With all my knowledge... I never had the device
I have no Presonus device and they have moved everything out of public.
When everything is normal, Faderport is Class Complaint. That means it required no special driver on Windows Side. The only program you need then in the plug-in in Sonar (original or my).
If you see "FaderPort Update Mode" as MIDI port name, that means currently Faderport is in special mode for flushing firmware. I guess it is in state which you achieve during firmware update, when plugging USB cable with "Rewind"+"Stop"+"Play" according to the flushing guide. In this mode it can not work normally.
There are several ways, which according to the internet can make sense:
1) just return it to "normal" mode with whatever firmware it currently it. Disconnect it. Remove the installer (it if it installed, as I wrote I do not know). If you have small experience with removing device information from windows (in Device Manager, check "Show hidden devices" in View menu, find everything Faderport related in "Audio,Video,Game controllers" section), do this (otherwise try without this step first). Shutdown the computer. Boot computer, attach the device. Check if you see normal names and everything is working fine. If not...
2) you will have to run Windows Device Manager (Settings/System/Info/Device Manager). Find Faderport related info in the mentioned section. Do you see "Faderport update mode" only? If you see "normal" names there but Sonar still show "update mode", you will need to remove Sonar audio settings: in Explorer, open "%APPDATA%\Cakewalk\Sonar Platinum" and delete TTSSEQ.INI file. Try Sonar again.
3) if you still see "Faderport update mode" everywhere, even after reboot/reset, may be you can find some magic keys in internet which you can press on device, otherwise sorry to say but you will need Presonus support.
* the only thing you can do in between is check that during update procedure you have exactly followed all that magic key pressing gymnastic and got described LED response. Can be that you forgot to press something, was not pushing keys during USB cable attachment or have not tried another USB cable... well I am guessing too far, but nothing else I can do for you, sorry.