Truncate log on checkpoint is a deprecated option (has been since SQL 2000 I think) and will be removed in a future version. The replacement is to use the recovery models, simple if you want the log to auto-truncate and you don't need point-in-time recovery or full or bulklogged if you do need point-in-time recovery and intend to manage the log yourself.
Microsoft Certified Master: SQL Server, MVP, M.Sc (Comp Sci)SQL In The Wild
: Discussions on DB performance with occasional diversions into recoverability
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