Here's something I got from the Microsoft site -- Works pretty well(Sorry all the indenting goes out of it with this post. Get the original off the MS site if you want -- see note):

/*=========================================================================

Title: Shrink SQL Server Transaction Log

Script SQL_Server_Trx_Log_Shrink.sql

Purpose: INF: How to Shrink the SQL Server 7.0 Transaction Log

Create/Update History:

5/13/2004 10:47:40 AM - G Milner: Created;

Notes:

5/13/2004 10:47:40 AM - G Milner: Taken from MS site:

http://support.microsoft.com/default.aspx?scid=kb;EN-US;Q256650

Microsoft Knowledge Base Article - 256650 ;

=========================================================================*/

SET NOCOUNT ON

DECLARE @LogicalFileName sysname,

@MaxMinutes INT,

@NewSize INT

-- *** check out the database file names:

-- sp_helpdb MyDBName

-- *** MAKE SURE TO CHANGE THE NEXT 4 LINES WITH YOUR CRITERIA. ***

USE MyDBName -- This is the name of the database

-- for which the log will be shrunk.

SELECT @LogicalFileName = 'MyDBName_Log', -- Use sp_helpfile to

-- identify the logical file

-- name that you want to shrink.

@MaxMinutes = 2, -- Limit on time allowed to wrap log.

@NewSize = 50 -- in MB

-- Setup / initialize

DECLARE @OriginalSize int

SELECT @OriginalSize = size -- in 8K pages

FROM sysfiles

WHERE name = @LogicalFileName

SELECT 'Original Size of ' + db_name() + ' LOG is ' +

CONVERT(VARCHAR(30),@OriginalSize) + ' 8K pages or ' +

CONVERT(VARCHAR(30),(@OriginalSize*8/1024)) + 'MB'

FROM sysfiles

WHERE name = @LogicalFileName

CREATE TABLE DummyTrans

(DummyColumn char (8000) not null)

-- Wrap log and truncate it.

DECLARE @Counter INT,

@StartTime DATETIME,

@TruncLog VARCHAR(255)

SELECT @StartTime = GETDATE(),

@TruncLog = 'BACKUP LOG ['+ db_name() + '] WITH TRUNCATE_ONLY'

-- Try an initial shrink.

DBCC SHRINKFILE (@LogicalFileName, @NewSize)

EXEC (@TruncLog)

-- Wrap the log if necessary.

WHILE @MaxMinutes > DATEDIFF (mi, @StartTime, GETDATE()) -- time has not expired

AND @OriginalSize = (SELECT size FROM sysfiles WHERE name = @LogicalFileName) -- the log has not shrunk

AND (@OriginalSize * 8 /1024) > @NewSize -- The value passed in for new size is smaller than the current size.

BEGIN -- Outer loop.

SELECT @Counter = 0

WHILE ((@Counter < @OriginalSize / 16) AND (@Counter < 50000))

BEGIN -- update

INSERT DummyTrans VALUES ('Fill Log') -- Because it is a char field it inserts 8000 bytes.

DELETE DummyTrans

SELECT @Counter = @Counter + 1

END -- update

EXEC (@TruncLog) -- See if a trunc of the log shrinks it.

END -- outer loop

SELECT 'Final Size of ' + db_name() + ' LOG is ' +

CONVERT(VARCHAR(30),size) + ' 8K pages or ' +

CONVERT(VARCHAR(30),(size*8/1024)) + 'MB'

FROM sysfiles

WHERE name = @LogicalFileName

DROP TABLE DummyTrans

PRINT '*** Perform a full database backup ***'

SET NOCOUNT OFF

/* to shring the database file (optional) */

-- DBCC SHRINKFILE (MyDBName_Data,1000)