Yes, that helps.  You have a total of 48GB of transaction log, 653.85MB currently in use according to task pad.  You shrank the log a few hundred mbs, so that confirms that you are indeed working with a log on the current db.  Now, a transaction log is made up of many "virtual logs".  As the transaction log is backed up and truncated, the inactive transactions are removed from the virtual logs.  If the remaining active transactions are in a virtual log that is near the end of the log file, the log file cannot be significantly shrunk.  So, what you must do is either wait until the active transactions are at the beginning, or force them to the beginning (by running a lot of "dummy" transactions).  For more information about this, see Books Online, in the index type transaction log, then select "active portion", and also "architecture, Transaction Log Physical Architecture".  I have a script that will do this for you, but the script will truncate the transactions from the log without saving them in a backup.  Based on what you said in your other thread, this would be unacceptable.  Its possible that you may be able to look at the script and use parts of it to accomplish your goal.  If you want to see it, send me a private message and I will send it to you.

Steve