1) Place the entirety of this directory in sites/all/modules/field_slideshow
2) Do the same with the Libraries API module
3) Create an empty directory at sites/all/libraries
4) Download the Jquery Cycle plugin in sites/all/libraries. There should be a file sites/all/libraries/jquery.cycle/jquery.cycle.all.js
5) If you want to use the carousel pager download the JCarousel and extract it in libraries like jquery.cycle. Now there should be a file sites/all/libraries/jquery.jcarousel/lib/jquery.jcarousel.js. Note that you should keep all other files that comes from the carousel zip, so the there should be also a jquery.jcarousel/skins/* for instance.
6) Navigate to admin/modules and enable Field slideshow.
After banging my head for several hours I found this post that save me :
“You need to install the jQuery cycle plugin. Create a directory in sites/all/libraries called jquery.cycle, and then copy jquery.cycle.all.min.js into it.”
I renamed my file jquery.cycle.all.js to jquery.cycle.all.min.js and it worked !!!