Did you ever figure this out? I have anew Huanyang VFD with an air cooled spindle, and when using the anaolg input for speed control, the rpm will fluctuate by ±1000 rpm, depending on the commanded rpm. At 24,000, it's very steady. But at 12,000-15000, it slowly increase by up to 1000, then will slowly decreases by about 2000rpm, then slowly go back up again. It never seems top stay steady.
This may not be an issue under load, though, as I'm just bench testing it right now.