How do suggested edits work?
My edit privilege in stackoverflow has been removed as my edits seemed too insignificant.
When do I regain that privilege ? How long should I have to wait to get that back ?
You didn't have any privilege removed. You got many suggested edits rejected, and for a week (7 days) you will not be able to suggest further edits.
To avoid to get in the same situation, keep in mind what reported in the block shown to who suggests edits.
I will add also the following notes: