This method works extremely well and quick!
USE AdventureWorks2008R2;
GO
-- Truncate the log by changing the database recovery model to SIMPLE.
ALTER DATABASE AdventureWorks2008R2
SET RECOVERY SIMPLE;
GO
-- Shrink the truncated log file to 1 MB.
DBCC SHRINKFILE (AdventureWorks2008R2_Log, 1);
GO
-- Reset the database recovery model.
ALTER DATABASE AdventureWorks2008R2
SET RECOVERY FULL;
GO