2/4 queens facing large overbet preflop

[Teh1337zor]

Effective stacks are about 600

I look down at Q [img]/images/graemlins/diamond.gif[/img]Q [img]/images/graemlins/club.gif[/img] (Suits might not be right but doesnt matter)UTG and limp.
Folds to button who makes a standard raise of 16 SB/BB fold and I repop to 55. Button Takes about a minute to think and pushes. 550 more! I think this is an easy fold but my play was criticized by the table when I told my friend and he started laughing. I figure that the worst hand he does this with is AK and thats what I put him on because I dont think he would make such a big raise with AA/KK. Those are the only 3 hands I thought he could possibly have and didnt wanna get my money in on a race. What do you do here?