So, if it says that my log file is using 1.06 % of the space should I truncate it?

My opinion is NO. Why? If you shrink it and is going to grow again because you will perform the same operations over and over you will be effectivelly fragmenting the file with shrinks and grows. The one time I would consider the shrink is when the space on your HD is tight ( very unlikely this days ) or if you performed a one time massive operation.

HTH