>Try with SSMS:
>Right Click on DB
>Tasks->Shrink->Files
>In the form choose "File type: LOG"
>From option group "Reorganize pages before ...."
>and then set File size to 0 (Zero) MB

Thanks, I have tried both approaches but ended up in the same situation.

However, I have a move of the log file which is in effect and that will only become live, to the new directory and the new file name, when I will restart the server. So, that might be why I cannot adjust the log file related settings.