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SN74LVC2G34: regulating 5v to 3.3v and I see ringing

Part Number: SN74LVC2G34
Other Parts Discussed in Thread: SN74LVC2G17

I am using the SN74LVC2G34  to regulate an encoder signal from 5v down to 3.3v.  It does that but I am seeing 394 nanoseconds of ringing on the 3.3v output during the transition.  below are 2 images of the same signal, one is just zoomed in a bit more.  I checked this forum and this link and the encoder signal is no where near the 160mhz frequency of this FAQ:

I would like to remove this ringing.  Any suggestions?