I'd bet the average fellowship director wouldn't know that your program is on probation, particularly if it occurred recently. In any case, there's nothing you can do to get your program off probation, and even if you could, it takes months to years for another review. If it were me, I probably wouldn't bring it up unless someone asks you.
It may hurt your chances, but there's literally nothing you can do to mitigate it, other than to be the best candidate you can be. That and maybe include a handful of "safety" programs, if such a thing still exists.