I don't have many hands on my opponent, but he seems to be a semi lose raiser and his VP$IP is hovering at 40%.

Full Tilt Poker
No Limit Holdem Ring game
Blinds: $0.50/$1
8 players


Stack sizes:
UTG: $86.15
UTG+1: $106.10
MP1: $98.05
MP2: $148.95
CO: $33.80
Button: $100
SB: $114.25
HERO: $100

Pre-flop: (8 players) HERO is BB with
UTG calls, UTG+1 folds, MP1 raises to $2, 4 folds, HERO raises to $8, UTG folds, MP1 calls.

Flop: ($17.5, 2 players)
HERO bets $14, MP1 raises all-in $90.05

My first instict is that he has Ax of or JQ. Do you think I'm ahead here or way behind?

Pretty standard fold.

You are likely at best near coinflip.
At worst you are way behind.