Im getting a nikon d5100 in a week or so, And i was woundering which lens to get with it? Im stumped this will be my first dslr and i know nothing about lenses. And i have a budget of $200 for a lens. Please let me know if you have any suggestings.
I'd probably suggest neither. For the range of things you want to do, the 50mm isn't going to cover shots from far away, despite the fact it would be a great portrait lens. The 55-200 on the other hand covers a long range, but it is probably a bit too long to handle all of the situations well.
If you have the kit lens, I'd probably start out with a lens more focused on the telephoto range for getting photos from a distance and then get a prime later to improve portraits.
Forced to choose between those two, the 55-200 is the obvious choice since you need telephoto for sports and wildlife, but it probably isn't the best.
The 50mm/1.8 lens is a very sharp prime lens and one of the best lenses I have for D5100. I just love it and use it very often. You have lots of room for cropping your images due to its sharpness. For example, if you cut off 1/2 of the image, you'd have the 100mm equivalent and still 8 megapixels of resolution. Also, this lens works very good for portraits (headshots). Having a lense with f1.8 will also give you a feeling of what a fast lens can do. You can take pictures of a face where the ears are already out of the depth of field, the eyes sharp as hell.
I don't know about the 55mm-200mm, I got the 55mm-300mm lens. That one works quiet well outside, I did a lot of dog action shooting with it. It is not as sharp as the 50mm prime lens but still shows a decent image quality. Usually, zoom lenses have problems on the "long end" and work quiet well in the middle range, so for the 55-200 it would probably be around 135-150mm, and for the 55-300 it would be around 150-200mm where you can expect the best results. Due to the long focal length you can also use this one to do great portraits, as the background will be very soft and the proportions of the subject are very close to reality if you are in a distance between 7 and 9 feet (2 and 3 metres).
For wildlife and other 'paparazzi' stuff, well... longer is better. You can also try to crop, but that requires a sharper lens.
So I think the 55-300mm will do a good job in the beginning. Also, compare these images regarding sharpness: http://www.the-digital-picture.com/Reviews/ISO-12233-Sample-Crops.aspx?Lens=668&Camera=614&Sample=0&FLI=5&API=1&LensComp=735&CameraComp=614&SampleComp=0&FLIComp=4&APIComp=0
Once you have tasted the blood of a 50mm 1.8 you'll think that every other lens is crap. But if you shoot in RAW and use some RAW Converter, like Lightroom or RawTherapee, life is not too bad at all :-)