Warp stabilization is very process intensive, and you should not
expect to get real-time playback of the linked comp in Premiere.
You should render the effect (or the entire timeline) for smooth playback.
added render bars link per fuzz's suggestion.
A couple of words to what Joe says.
Irrespective of the dynamically linked AE comps complexity PrPro CS5.5 displays them yellow in the timeline, which might be misleading.
So as to get smooth preview playback you need to 'Render Entire Work Area' (not just 'Render Effects in Work Area'!).
If this option is grayed out, you may e.g. select any clip on the timeline and copy it into clipboard (Ctrl/Cmd+C) - Voilà! Access granted.
Yeap, that did the trick. You guys were very helpful. Thank you.