We give a 2-approximation algorithm for Non-Uniform Sparsest Cut that runs in time $n^{O(k)}$, where $k$ is the treewidth of the graph. This improves on the previous $2^{2^k}$-approximation in time $\poly(n) 2^{O(k)}$ due to Chlamtáč et al. To complement this algorithm, we show the following hardness results: If the Non-Uniform Sparsest Cut problem has a $ρ$-approximation for series-parallel graphs (where $ρ\geq 1$), then the Max Cut problem has an algorithm with approximation factor arbitrarily close to $1/ρ$. Hence, even for such restricted graphs (which have treewidth 2), the Sparsest Cut problem is NP-hard to approximate better than $17/16 - ε$ for $ε> 0$; assuming the Unique Games Conjecture the hardness becomes $1/α_{GW} - ε$. For graphs with large (but constant) treewidth, we show a hardness result of $2 - ε$ assuming the Unique Games Conjecture. Our algorithm rounds a linear program based on (a subset of) the Sherali-Adams lift of the standard Sparsest Cut LP. We show that even for treewidth-2 graphs, the LP has an integrality gap close to 2 even after polynomially many rounds of Sherali-Adams. Hence our approach cannot be improved even on such restricted graphs without using a stronger relaxation.