The squeezing properties of binomial state field interacting with Bose-Einstein condensate of two-level atoms are investigated within and without rotating-wave approximation by means of quantum theory. The influences of atomic eigenfrequency, the coupling constant between light field and atoms，the parameter of light field and the virtual photon field on squeezing properties have been discussed. The results show that two quadrature components can be squeezed periodically, and the duration of squeezing light has something to do with atomic eigenfrequency ω, and the degree of squeezing with the parameter of the binomial states field η and the virtual photon field. The frequency of light fluctuations collapse and revival is determined by the coupling constant between light field and atoms.