We have developed a scanning tunneling microscope using an optoelectronic switch that gates the tunneling tip current, The switch is fabricated within 30 mu m from the tip by photolithography and an accurate cleavage method. We demonstrate this approach by detecting picosecond electrical transients on a coplanar stripline. We have investigated the signal dependence on contact resistance and found significant differences when the tip is brought from low-ohmic contact into the tunneling regime. In this regime, the THz signal amplitude was found to depend linearly on the tunnel conductance, and disappeared when the tip was retracted.