That makes perfect sense. You can now use DBCC SHRINKFILE (once) to reclaim log space. The command can be blocked from shrinking the file for various reasons so post back if you have trouble.

Pick a sensible size for the log to shrink it to and adjust your autogrow settings too. Speaking of that, what are the autogrow settings? If it was a small increment, like 10MB, you may have tens of thousands of Virtual Log Files (VLFs). To get rid of those you may actually want to shrink your log to practically nothing and then regrow it manually to that sensible size to get rid of VLFs.

How many rows are returned when running this:

DBCC LOGINFO