I don't know what your stack sizes are but I would definately have raised preflop. Bet the flop pretty hard and if he still calls get all your chips in on the turn as long as the flush card doesn't come. At those stakes you really need to drop the hammer with strong hands like this. Also I would recommend never limping AK and never slow play. The bet on the turn to induce a bluff ins't one to make at this level.