Ok, here's how I'd go about it.
1) The minutes do not vary, they are always 0-59, so [0-5][0-9] describes them completely.
2) The valid am times are: 08,09,10,11. The valid pm times are 12, 01, 02
We can describe the am times with the regex: (0[89]|(1[01])):[0-5][0-9]am
We can describe the pm times with the regex: (((12|01):[0-5][0-9])|02:00)pm
So, the final regex that will validate both is the ORed result of the two regex's above:
^((0[89]|(1[01])):[0-5][0-9]am)|((((12|01):[0-5][0-9])|02:00)pm)$
With a ^ and $ to signify beginning and end of string respectively.
There may be a more efficient way to represent this regex, but this should get you started.