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Youtube copyright issues for cover videos

I recently uploaded a couple of bass cover videos on my youtube channel. These are your ordinary cover videos - me playing on top of the original recording. Needless to say, the original tracks that I use are legally purchased through Amazon MP3 store. And I have no intention whatsoever to monetize these videos.

As soon as I uploaded the videos, I got a "matched third party content" notification for both of them. Now the question is, what should I do? Simply acknowledge it, or dispute it based on fair use policies? Some people on this board must have gone through the same issue obviously.Thanks.
 
I always put (COVER) in my video title and credit the song title and original artist. In my notes, I put in a disclaimer that reads something to the effect of, "The song in this video is not mine and remains property of the copyrighted artist. This video was prepared for personal learning purposes."

I've gotten that message to, but to date, all of my cover videos are still live and active.
 
Thanks for the replies guys. I already put all the disclaimers in the video description. And I acknowledged the third party content (Should I have not done this? I read somewhere that you can't leave that notification forever without acknowledging or disputing). The whole thing is a mess I must say.
 
My wife is a pilot and has put up some flying videos on Youtube with cover song sound tracks. She also puts music credits. Example: "Soundtrack by Lenny Krevitz, EMI. All rights reserved" in the copy. Then You tube puts up a link so people can buy that song via Amazon, iTunes, etc. Never had a problem.

Yeah, but she' not in a cover band playing the tune or a musician playing along with the tune. Maybe that's the difference.