Using parametric conversion induced by a Shapiro-type resonance, we produce and characterize a two-mode squeezed vacuum state in a sodium spin 1 Bose-Einstein condensate. Spin-changing collisions generate correlated pairs of atoms in the $m=\pm 1$ Zeeman states out of a condensate with initially all atoms in $m=0$. A novel fluorescence imaging technique with sensitivity $\Delta N \sim 1.6$ atom enables us to demonstrate the role of quantum fluctuations in the initial dynamics and to characterize the full distribution of the final state. Assuming that all atoms share the same spatial wave function, we infer a squeezing parameter of 15.3\,dB.