So what do I do now with this S1 that does not work?
I had one like this, it was starting, going to ~150, then dropping to nothing, flashing bright green, then restarting.
On this particular miner on the top board (above the sink) one large black chip had a red mark on it (I checked all others-they had either nothing or green or black mark). I assume that it is somewhat defective. That large black chip was severely overheating (results I got with temperature sensor). I was able to fix this miner to a reasonable hashing at ~180gh at standard 350 mhz, but it absolutely requires an additional fan airflow toward the top of the miner and this miner cannot overclock at all. Perhaps, your situation is different, but give it a shot with an extra fan outside. Check if that chip is marked.
I am posting two photos-top is of somewhat defective miner (see mark on a chip), bottom-normal miner (see small mark in green/black)
That little board at the top is actually the controller board for the S1 .. the 'brain' of the system. It's not in the power path. I've got active S1s with red marks on the CPU and they don't give trouble.
If you think it's still the problem you can swap it to another S1 to see where the problem follows.