To truncate SQL transaction logs launch SQL Server Management Studio (SSMS), select the desired database (with large transaction log), right click on it and select Properties from the context menu. Go to Options and switch the database Recovery model to Simple.
Then, in the same context menu, go to section Tasks -> Shrink -> Files. In File type select Log, in File namefield specify the name of the log file. In Shrink action choose Reorganize pages before releasing unused space, set the desired size of the file and click OK.
After completing an operation, change database Restore mode back to Full.
The same can be done from Query Analyzer with a simple script (script works starting from SQL Server 2008):
USE ″YourDBName″
ALTER DATABASE ″YourDBName″ SET RECOVERY SIMPLE
DBCC SHRINKFILE (″YourDBName″, ″Desired_size″);
ALTER DATABASE ″YourDBName″ SET RECOVERY FULL