In a Two-Headed Giant game, Honor Troll's last ability applies as long as your team's life total is 25 or more.
Honor Troll
If Honor Troll is dealt damage and your life total is increased above 25 before state-based actions are performed (most likely because Honor Troll is dealt combat damage at the same time that a creature you control with lifelink deals combat damage), Honor Troll's last ability applies before checking whether it's destroyed for having lethal damage marked on it.
If you control two Honor Trolls and you would gain life, you gain that much life plus 2. A third Honor Troll has you gain that much life plus 3, and so on.
Magic: The Gathering · ™ & © Wizards of the Coast · Illus. Jesper Ejsing
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