I'll put in the general warning that you should change sprockets with the chain; worn sprockets will destroy a new chain in no time.
For chain, I would go with a name brand; DID, EK, or Tsubaki. Get the mid-priced one, the cheapo ones would be OK but don't last as long. The high-dollar ones are for modern 100HP+ bikes, you don't need that kind of strength for an old 550. I'm not sure about the 500, but many SOHC4 models can not use O-ring or X-ring chains because the chain is wider and will grind away at the sprocket shaft oil seal.
AVOID industrial chain, it just isn't strong enough for motorcycle use. This stuff comes in loooooong lengths on big reels and the shop cuts off the number of links you want. Get a proper bike chain, they all come in a little flat box.