Observations of the T Tauri spectroscopic binary DQ Tau in April 2008 captured an unusual flare at 3 mm, which peaked at an observed max flux of 0.5 Jy (about 27x the quiescent value). Here we present follow-up mm observations that demonstrate a periodicity to the phenomenon. While monitoring 3 new periastron encounters, we detect flares within 17.5 hrs (or 4.6%) of the orbital phase of the first reported flare, and we constrain the main emitting region to a stellar height of 3.7-6.8 Rstar. The recorded activity is consistent with the proposed picture for synchrotron emission initiated by a magnetic reconnection event when the two stellar magnetospheres of the highly eccentric (e=0.556) binary are believed to collide near periastron as the stars approach a minimum separation of 8 Rstar (~13 Rsolar). The similar light curve decay profiles allow us to estimate an average flare duration of 30 hrs. Assuming one mm flare per orbit, DQ Tau could spend approximately 8% of its 15.8-d orbital period in an elevated flux state. Our analysis of the mm emission provides an upper limit of 5% on the linear polarization. We discuss the extent to which a severely entangled magnetic field structure and Faraday rotation effects are likely to reduce the observed polarization fraction. We also predict that, for the current picture, the stellar magnetospheres must be misaligned at a significant angle or, alternatively, that the topologies of the outer magnetospheres are poorly described by a well-ordered dipole inside a radius of 7 Rstar. Finally, to investigate whether reorganization of the magnetic field during the interaction affects mass accretion, we also present simultaneous optical (VRI) monitoring, as an established tracer of accretion activity in this system. We find that an accretion event can occur coincident in both time and duration with the synchrotron fallout of a magnetic reconnection event.
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