The main issue your facing is that you're using SmartassV2/ondemandX that was developed for stock kernels. But you're using it with a non stock kernel, the CyanogenMod 7.2. See bellow a summary for each of them.
Useful reading: A Beginner’s Guide to Android Kernels
Stock kernel is the factory firmware. If you're using SmartassV2/ondemandX governors, they are modules for phones with stock kernels because they don't have 'smartass' or ondemandX' governors:
This modules are for people with stock kernels because they don't have 'smartass' or ondemandX' governors.
Differences between this modules and build in stock kernels:
- allows to set max CPU freq when screen is off (to save battery),
- allows to set starting CPU freq when phone awakes (to speed up awake process),
- allows set/change almost all aspects of governor (to suite needs),
- should be a bit more responsive when parameters are well chosen for smartassv2 governor.
The current CyanogenMod 7.2.0-RC1 U8160 Port status is stable, but there are some known issues reported.
Already fixed reboot related issues:
- Hotfix 4test5 [21 Feb]: Revert longterm patches due to random reboot issue.
v0.7 - 22 January 2012:
- Kernel stability fix (disabled SCHED_HRTICK due to instability/random reboot issue).
Note: Check your version. The latest is v1.3 released at 2012-06-25.
Use the link bellow to get detailed information about the development and what users are reporting. If you've got a version above v0.9, consider reporting your issue, thus allowing the developer to deal with it. If your version isn't the latest, consider changing to it.