Hi Joshua,
I'm now sure why I haven't answered this question up till now.
The (log) likelihood score looks at the probability of the target word appearing next to the collocate candidate. If the collocate appears in the list, this means that the pair appear together statistically significantly more likely than chance. The p value is set in the tool settings.
As for the effect (size) score, this is simply a measure of the degree (size) of closeness. Words that always appear together will have a higher score than those that rarely appear together. The score is normalized for frequency of occurrence.
I hope that helps.
Laurence.