Note: I do not believe that I have to do all this, but it did work. It did not shrink the log using the DBCC commands below as expected. I will update as learn more, but needed to get this written down, since it did achieve what I had wanted (to reduce the size of the log).

From isql:
DBCC SHRINKFILE(dblogname, size)
BACKUP log dbname WITH TRUNCATE_ONLY
DBCC SHRINKFILE(dblogname, size)

From MSSQL Enterprise manager:

Shrink DB Option in Enterprise Manager

Shrink DB Window

Shrink DB File Window