The 500 has a 34 tooth rear sprocket, and the 550 uses a 37 tooth sprocket. Both use 17 T fronts. I think the primary chain sprockets inside the motor have a different ratio to go along with the rear sprocket changes. It's in the shop manual somewhere if you want to look it up.
Were it me, I'd use the 37 T rear for a 550 engine.
Avoid O ring chains unless you also do a 520 conversion along with new matching sprockets. Those are narrow enough to clear engine cases.
Cheers,