Pearson has overseen the club's best ever beginning to a league campaign, with the 3-0 home win over Millwall on Saturday a 12th victory after 17 Sky Bet Championship matches.
Success against the Lions, coupled with away defeats for rivals Burnley and QPR, saw Leicester go to the top of the table.
But, ahead of a busy December which will see the Foxes face both the Clarets and Rangers, Pearson has warned there is still a long way to go.
Pearson's men were in the top two at the end of January last season before slipping off the pace and needing a last-gasp win at Nottingham Forest on the final day of the campaign to sneak into the play-offs, where they were dramatically beaten by Watford.
"The players are pleased but they are not daft, they know where we are at," said Pearson.
"We have been here before and you are always up there to be shot back down, so let's not get ahead of ourselves. It is only November but we have done okay so far. December is going to be a big month for us and we have some big games.
"Plenty of sides have been well placed at Christmas and come unstuck and plenty of sides who have been anonymous at Christmas go on to do very well.
"But we have to stay pretty single-minded about what we are trying to do ourselves. I think that has been the message from the start and it remains the message now.
"The signs are good so far but we are only a third of the way into the season, so let's not get carried away. You don't win leagues in November and December."
Leicester travel to Sheffield Wednesday, who sacked manager Dave Jones at the weekend, on Tuesday night before another away trip to Brighton on Saturday as they look to maintain their impressive form.