EDIT: My earlier "answer" was toooooo glib, and not accurate! EDIT-EDIT: some precise details filled in...
In general, we should tend to expect that a semi-simple algebraic group's points over a localization of the defining ring (here $\mathbb Z$, actually), is infinite, for general reasons related to Strong Approximation.
In the present example, there is a potentially confusing point, that the definition of the group seems to involve $i=\sqrt{-1}$... yes, but the points of the algebraic group using $i$ in their coordinates are defined over $\mathbb Q$, not $\mathbb Q(i)$. Namely, if $G$ is the standard $SU(2)$, and $A$ is a $\mathbb Z$-algebra, what is $G(A)$? It is $\{g\in GL_2(\mathbb Z[i]\otimes_{\mathbb Z} A):g^*g=1_2, \;\det g=1\}$. That is, the appearance of complex numbers is an artifact of the construction.
Partly to avoid that pitfall, and partly to have a more efficient approach with this small group, we use the isomorphism of $SU(2)$ with Hamiltonian quaternions $\mathbb H^1$ of norm $1$. Specifically, letting $\mathbb H_{\mathbb Q}=\{a+bi+cj+dk: a,b,c,d\in\mathbb Q\}$, the isomorphism $H^1_{\mathbb Q}\to SU(2)(\mathbb Q)$ is by
$$
a+bi+cj+dk\;\to\;\pmatrix{a+bi & c+di \cr c-di & a-bi}
$$
For a $\mathbb Z$-algebra $A$, the $A$-valued points of the group are identified with the elements of $\mathbb H\otimes_{\mathbb Z} A$ with (extended) norm $1$.
Without worrying about adjoining $\sqrt{2}$, $\sqrt{3}$, and such things, and/or their inverses, we can address a more direct question: for prime $p$, does $G(\mathbb Z[1/p])$ have any infinite-order elements? The discussion of impossibility is a little simpler than the case of possibility, and we are perhaps most immediately interested in $A=\mathbb Z[1/2]$, as a preliminary to $A=\mathbb Z[1/\sqrt{2}]$.
If an element $\alpha$ of infinite order were in $G(\mathbb Z[1/2])$, then $\mathbb Q_2(\alpha)$ is an extension $k$ of $\mathbb Q$ of either degree one or two, since it is inside the quaternion algebra $\mathbb H_{\mathbb Q}$. Since $G(\mathbb Z)$ is finite, the extension must be of degree $2$. By Hilbert's Theorem 90, since it has norm $1$, $\alpha=\beta/\beta^\sigma$ for some $\beta$ in $k$. If $\beta=\beta^\sigma$, this is just the identity, not of infinite order. Meanwhile, $\sigma$ is of order two. Thus, it cannot be that $\beta^\sigma=u\cdot \beta$ with a unit $u$ other than $u=\pm 1$. Thus, the only way to make such $alpha$ is as $\beta/\beta^\sigma$ with $\beta$ divisible by at least one prime $\pi$ that has split in the extension. That is, for some rational $p$ splitting as $p=\pi_1\cdot \pi_2$, take $\alpha=\pi_1/\pi_2$.
Of course, the ring of integers $\mathfrak o_k$ in $k$ may not be a PID, but its class number $h$ is finite, so even if $p$ splits into non-principal ideals $\pi_1$, $\pi_2$, the power $\pi_1^h$ and $\pi_2^h$ are principal, and we can manufacture $\alpha$.
Indeed, this trick succeeds for any quadratic extension $k$ of $\mathbb Q$ that admits an imbedding to the rational Hamiltonian quaternions, since all primes $p\ge 3$ split these quaternions, there is no constraint at any primes other than $2$ and $\infty$. At $\infty$, the quadratic (algebra) extension $k$ must be $\mathbb C$ (as opposed to $\mathbb R\oplus \mathbb R$).
So, with a little work, $G(\mathbb Z[1/p])$ has torsion elements for any $p\ge 3$. We don't even need $1/\sqrt{p}$.
In contrast, since $\mathbb H_{\mathbb Q}$ is ramified at $2$, there is no quadratic extension $k$ of $\mathbb Q$ splitting at $2$ that imbeds into that quaternion algebra. So there are no elements of infinite order in $G(\mathbb Z[1/2])$.
But, still, what about $1/\sqrt{2}$? If this extension splits the quaternion algebra, then the construction above will succeed in producing an infinite-order element... :)