Should I Dump Him?

I had just gotten out of a very long and controlling relationship when I met a wonderful guy. We had feelings for each other immediately. When he asked me out I warned him I wasn't ready for a relationship but that I would try. Turns out I really wasn't ready and I cheated on him throughout the majority of our relationship. When he went off to college he wanted to stay together, and I said I thought it would be too hard for me but that, again, I would try. It's been over a month and I cry almost every night. I'm trying to be faithful and I'm trying to keep it together but it's really hard. I still like him but it seems like he wants to stay together endlessly and I feel like I'm still not ready. I do still like him and I'm afraid he won't understand my reasons for dumping him and won't talk to me after, and I would like to stay friends. So I don't know what to do.