Someone fired off an update statement as part of some maintenance which did a cross join update on two tables with 200,000 records in each. That's 40 trillion statements, which would explain part of how the log grew to 200GB. I also did not have the log file capped, which is another problem I will be taking care of server wide - where we have almost 200 databases residing.
The 'solution' I used was to backup the database, backup the log with truncate_only, and then backup the database again. I then shrunk the log file and set a cap on the log.
Seeing as there were other databases using the log drive, I was in a bit of a rush to clean it out. I might have been able to back the log file up to our backup drive, hoping that no other databases needed to grow their log file.
Paul Randal from http://technet.microsoft.com/en-us/magazine/2009.02.logging.aspx
Under no circumstances should you delete the transaction log, try to rebuild it using undocumented commands, or simply truncate it using the NO_LOG or TRUNCATE_ONLY options of BACKUP LOG (which have been removed in SQL Server 2008). These options will either cause transactional inconsistency (and more than likely corruption) or remove the possibility of being able to properly recover the database.
Were there any other options I'm not aware of?