For SQL 2005…
http://www.sqlcleanup.com/2008/sql-2005-truncating-log-files-and-recovering-space/
Here’s an updated technique for SQL 2008…
Use <database Name>
GO
Alter Database <database Name> Set Recovery Simple
GO
Alter Database <database Name> Set Recovery Full
GO
DBCC SHRINKFILE (‘<log file name>’, 1)
GO
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