Semibluff what to do with 86

[winky51]

PokerStars No-Limit Hold'em Tourney, Big Blind is t200 (4 handed) converter

UTG (t3055)
Button (t3655)
SB (t5150)
Hero (t1640)

Preflop: Hero is BB with 8[img]/images/graemlins/heart.gif[/img], 6[img]/images/graemlins/diamond.gif[/img].
<font color="#666666">1 fold</font>, Button calls t200, SB completes, Hero checks.

Flop: (t600) 5[img]/images/graemlins/heart.gif[/img], 9[img]/images/graemlins/diamond.gif[/img], 2[img]/images/graemlins/spade.gif[/img] <font color="#0000FF">(3 players)</font>
SB checks, <font color="#CC3333">Hero bets t350</font>, Button folds, <font color="#CC3333">SB raises to t4950</font>, Hero ???

Buttton is normal player, a little weak tight.
BB is pretty decent. A little tricky and pushed me off some hands with his big stack all in. I thought long and hard about this hand.

What hands can he have and whats your action?