I can stop SQL server and rename the log file for MSDB and let it generate a new one and then delete the old log file.
There's a very good chance it won't generate a new one (database not cleanly shut down), and you'll be left with a system database in recovery_pending. Not fun.
Got a recent backup of MSDB?
Is the drive full? If so, do you have another drive with space?
Are you sure about the kB/MB measurements? It catches a lot of people.
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: Discussions on DB performance with occasional diversions into recoverability
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