The Hamiltonian operator of a system of two-level atomic Bose-Einstein condensate interacting with two-mode squeezed coherent light field is improved in terms of the lattice-liquid model. The squeezing properties of atom laser in this system are studied. Results show that the two quadrature components of the atom laser can be squeezed periodically, and the maximum depth depends greatly on the initial squeezing factor of the light field. The collapse-revival oscillatory frequency of the atom laser and the quantum Rabi frequency are largely determined by the interaction intensity between the light field and the atoms and by the circle frequency of the light field, respectively.