Brent,
Your approach is going to depend on what your recovery mode the database is in.
This is the MSDN DBCC SHRINKFILE reference for your version of SQL Server.
For databases that are in SIMPLE recovery mode you should be able to execute the
DBCC SHRINKFILE (N'<logical_file_name_of_the_log>'<Size In MB>)
That should be all that is required and the intial size should get reset to what you just shrunk the file to.
For databases that are in FULL recovery mode you have two options because the shrink command will not shrink the file if there are transactions that haven't been marked as backed up.
The first is to do a backup of the transaction log which will mark all of the items that get backed up as reusable. After that you can run the shrink command.
The second is to change the recovery mode to SIMPLE then execute the shrink command and once that is finished change the recovery mode back to FULL. (With this approach you will only be able to recover to your most recent full backup plus differential). You can find the details of how to do this in the MSDN link provided.
Both options will also reset the initial size of the file to what you just shrunk it to.
Once you have the log file shrunk you will need to setup regular transaction log backups to keep it from growing again.
In all recovery modes and options on shrinking the transaction log be prepared for any users of the database to encounter errors while the file is being shrunk. SQL Server could also fail your command if it's too busy servicing requests. If at all possible schedule some down time and put the database in single user mode using the commands
use <database>
Go
alter database <database> set single_user with rollback immediate
Go
DBCC SHRINKFILE (N'<logical_file_name_of_the_log>'<Size In MB>)
Go
alter database <database> set multi_user with rollback immediate
Go
This will allow you to get the shrink done without other statements blocking you.