Let's think about ranges.
The button's call allows the SB to expand his calling range to include tons of suited connectors, broadways, Axs, pps, suited 1 gappers etc. As well as I assume some bigger Ax hands.
Flop range: He's calling with made flushes, Ax with a diamond (ie. AdJx AdQx etc.) he may call some % of the time with sets and hopes to stack off on any non diamond turn even though this is pretty suboptimal.
I am pretty sure he'd be raising a hand like Ax9d on this flop as well as AdTx. He's also almost certainly raising J9, two pair (though sometimes this hand falls into the same weird logic of sets above.)
Range for c/r this turn: I honestly don't see why he would ever jam a flush here after calling the flop since if the river bricks there is a fair chance you might fire a 3rd barrel when he checks. I'd say his most likely holdings are still pair + Ad hands especially something like AdQx which is conceivable since a lot of people at micros are not squeezing this hand in the SB even though that's probably a better play some % of the time. Personally, I'd expect to be ahead between 50-55% of the time already if not more and if you are behind sets or stupidly played 2Pr then you have diamond and K outs.
You're calling 2.70ish to win about 8 so I couldn't see ever folding this.
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