This may be solved easily. Please be careful with these instructions.
1. Select your Database in SQL Enterprise Manager.
2. Right click - All Tasks - Shrink Database
3. Make sure you do NOT press OK ever in the Shrink Database dialog. (You will see this window again. Always press Cancel when you do.)
4. Select the Files button.
5. Select the transaction log.
6. Shrink. When it closes, you will be back at the Shrink Database dialog. Make sure you press cancel here.
You don't want to shrink the data - just the trans log.
If this does not restore all the space you need, and it won't, the way to shrink it using SQL command DBCC SHRINKFILE is a bit too complicated for this forum. You can research it on-line.
Regards,
Geoff