Let me call some help in, not sure what's happening.
Will a full backup run?
Is shutting down SQL an option? (don't do it yet, just checking)
How are you calculating the % full? (DBCC SQLPERF(LogSpace)?)
How are you checking the current size? Size of file on disk?
Gail Shaw
Microsoft Certified Master: SQL Server, MVP, M.Sc (Comp Sci)
SQL In The Wild: Discussions on DB performance with occasional diversions into recoverability