The project sponsor is not there to do your work (not to mention project sponsors are always short on time), he's there solely to advise, facilitate, and help you to reach a successful project.
You should constantly update your project sponsor (by email) with status reports (preferably on a weekly basis), but do you think it's really necessary to meet with him regularly to discuss the project? Unless you want to be micromanaged or perceived as a weak project manager, then go ahead, meet with your project sponsor once every week...
In my opinion, meetings with the project sponsor, as well as other stakeholders, should not be held on a regular basis, but rather called for by the project manager when the project hit a major milestone (stage-gate review meetings) or (the project) is facing some serious issues.
One last thing to mention, some project sponsors (who are control freaks, in my opinion), attend regular status meetings, so you definitely won't need to meet with him mano-a-mano on a regular basis.