Top two on a 3 flush board vs huge Maniac, lets donk it up!!

[Worm75]

Full Tilt Poker - No Limit Hold'em Cash Game - $0.05/$0.10 Blinds - 5 Players - (LegoPoker HH Converter)

SB: $7.10
BB: $4.35
UTG: $10.05
CO: $55.50
Hero (BTN): $14.55

Reads: <font color="blue">Villain is running extremely loose, although I did pick him off earlier with a bluff no pair no draw into my flopped set. Villain probably views me as fairly passive since I have been giving him rope....

As Loose as he has played so far, he generally seems to have the goods in big pots Postflop...

Villain Stats 64.9/17.3/2.3</font>

Preflop: Hero is dealt Q[img]/images/graemlins/spade.gif[/img] T[img]/images/graemlins/heart.gif[/img] (5 Players)
UTG folds, <font color="red">CO raises to $0.35</font>, Hero calls $0.35, 2 folds

Flop: ($0.85) 7[img]/images/graemlins/club.gif[/img] Q[img]/images/graemlins/club.gif[/img] T[img]/images/graemlins/club.gif[/img] (2 Players)
<font color="red">CO bets $0.85</font>

Raise Flop, smooth call??? Give legitimate reasons why either option is optimal, not canned answers guys [img]/images/graemlins/tongue.gif[/img]