There have been some changes since sql server 2005 and the backup log with truncate no longer works. So here is a little stored procedure to shrink the current database log file for mssql 2008. I also created this in such a way so that it will run for any database.

CREATE PROCEDURE ShrinkLog
AS
BEGIN
        DECLARE @DBName nvarchar(MAX)
        DECLARE @DBLog nvarchar(MAX)
        DECLARE @SQL nvarchar(MAX)

        SELECT @DBName = DB_NAME()

        SELECT @DBLog = name
                FROM sys.master_files
                WHERE database_id = DB_ID()
                        AND type = 1

        SELECT @SQL = 'ALTER DATABASE ' + @DBName + ' SET RECOVERY SIMPLE'
        EXEC sp_executesql @SQL

        SELECT @SQL = 'DBCC SHRINKFILE(' + @DBLog + ')'
        EXEC sp_executesql @SQL

        SELECT @SQL = 'ALTER DATABASE ' + @DBName + ' SET RECOVERY FULL'
        EXEC sp_executesql @SQL

END
GO

You can use the following sql to run it

EXEC ShrinkLog