The alter database command includes a log off parameter that removes unwanted portions of a database log, allowing you to shrink log space and free storage without re-creating the database.
alter database database_name [log off database_device [= size | [from logical_page_number] [to logical_page_number]] [, database_device [= size | [from logical_page_number] [to logical_page_number]]
The parameter may be particularly helpful after running the fully logged option for database operations, such as select into, alter table, or reorg rebuild, when the database ends up with extra allocated space that is no longer needed. See the dump transaction command the Reference Manual: Commands.