Ultraman wins unless Cheetah gets the jump on him/catches him by surprise ala how Superman was taken out (a possibility if UM underestimates her). Sizable advantage to UM, he's a lot more varied in his powers.
It wasn't exactly an even throwdown though, it was more "WTHCheetahinmyface!" ambush.
If you repeat those conditions (that is, Ultraman doesn't know Cheetah's there until the attacks starts and gets a tail hold going) the results will generally be similar, but if he's on-guard it's unlikely to go so easily.
Gotta go with UltraMan on this one; Cheetah may get circumstantial/surprise wins, but this would essentially be Superman, but without an inherent weakness to magic(al effects), and with UM's more varied powers, Cheetah's best option is to hit and run... far away...
__________________ Why am I here commenting on this crap?