Both the official Canon replacement part and many of the third party replacement parts offered on eBay show 3M tape already attached to the back of the replacement grip.
I'd follow their lead as others have suggested and use 3M VHB, 3M 300LSE, or 3M 200MP (for other grips on the 550D), as it seems to be what Canon and third party makers use. Or you could buy a replacement grip with the tape already cut and fitted on the back of the grip for $5-20 USD. This listing even offers free plastic pulling tools to remove an old and cracked grip from the camera.
There'sThere are also anecdotal comments posted in places like DPReview forums that super glue/gorilla glue works as well. With any liquid or gel type glue, one should take particular care to not allow any of the glue into the holes in the camera's body panel. All in all, though, adhesive tape seems to be the better solution.