Is is possible to auto shrink the log file in IIS or is there an option provide in IIS. The only way I know is to compress the log file directory. If there is any way to auto shrink function that will shrink the file for a particular period.
In IIS the log files can be set up to start a new log file each day. There is no compression capability in IIS for the logs. Best bet is to setup a job that will archive the log files somewhere else to prevent running out of disk space.