I encountered the situation recently where I needed to find the size of the log file. When I tried to find the script by using Search@SQLAuthority.com I was not able to find the script at all. Here is the script, if you remove the WHERE condition you will find the result for all the databases.
SELECT DB_NAME(database_id) AS DatabaseName, Name AS Logical_Name, Physical_Name, (size*8)/1024 SizeMB FROM sys.master_files WHERE DB_NAME(database_id) = 'AdventureWorks' GO
Sometime, it looks impossible to shrink the Truncated Log file. Following code always shrinks the Truncated Log File to minimum size possible.
GO DBCC SHRINKFILE(<TransactionLogName>, 1) BACKUP LOG <DatabaseName> WITH TRUNCATE_ONLY DBCC SHRINKFILE(<TransactionLogName>, 1) GO
[Update: Please note, there are much more to this subject, read my more recent blogs. This breaks the chain of the logs and in future you will not be able to restore point in time. If you have followed this advise, you are recommended to take full back up right after above query.]