Using the steps below one can shrink the transaction log.
Use <your database name>
SELECT file_id, name FROM sys.database_files
GO
file_id name
1 DB_NAME
2 DB_NAME_log
DBCC SHRINKFILE ('DB_NAME_log', 2)
GO
BACKUP LOG TestDB WITH TRUNCATE_ONLY
GO
DBCC SHRINKFILE ('DB_NAME_log', 2)
GO