>>>truncate it or shrink it...
>
>Here's a very quick and very dirty way to truncate the log.
>In database properties/option change recovery model to simple.
>From the context menu select All Tasks/Shink Database.
>Definitely not the text book way, but it's gotten me out of a few scrapes when the log file had become huge.

Did you then re-apply the FULL recovery model?

Would it help to define file groups for the LOG File?