200NL: Raise a draw, hit it, then fold?

[KLJ]

Villain raise overbet-pushed top set a few rounds earlier. This push seems like its begging for a call, especially as I've defined my hand as at least a flush draw. Thoughts?

Poker Stars
No Limit Holdem Ring game
Blinds: $1/$2
5 players
Converter

Stack sizes:
UTG: $163.35
CO: $304.85
KLJ: $178
SB: $172.55
BB: $204.85

Pre-flop: (5 players) KLJ is Button with 5[img]/images/graemlins/spade.gif[/img] 7[img]/images/graemlins/spade.gif[/img]
UTG folds, <font color="#cc0000">CO raises to $8</font>, KLJ calls, SB calls, BB folds.

Flop: 8[img]/images/graemlins/club.gif[/img] 9[img]/images/graemlins/club.gif[/img] 8[img]/images/graemlins/diamond.gif[/img] ($26, 3 players)
SB checks, <font color="#cc0000">CO bets $12</font>, <font color="#cc0000">KLJ raises to $46</font>, SB folds, CO calls.

Turn: 3[img]/images/graemlins/spade.gif[/img] ($118, 2 players)
CO checks, KLJ checks.

River: 6[img]/images/graemlins/club.gif[/img] ($118, 2 players)
<font color="#cc0000">CO pushes for $125ish</font>, KLJ folds.

[Novles]

Don't like the flop raise. Fold river.

[Aggromang]

i would fold on the flop... but if played like above, i would fold on river as well.

[Wabbits]

Can he be bluffed? What about a follow up bet on the turn to rep the 8?