If you shrink your log file it will grow back. The only point where you should shrink the log file is after restoring the native backup in NAV, or reindex large amount of tables all in in one step. The native NAV backup restore operation blows up transaction log artificially, as all the restore is one big operation.
Apart from that shrinking log will not help you with anything.
Shrinking database is not advisable as it fragments heavily internal table structures. If you really need need to shrink your database files (for example because you need to recover some free space) you should follow it by rebuilding indexes on all tables, and then eventually by shrinking the transaction log - but not to a minimum size you can, but to the size it was prior re-indexing.
Answers
Apart from that shrinking log will not help you with anything.
Shrinking database is not advisable as it fragments heavily internal table structures. If you really need need to shrink your database files (for example because you need to recover some free space) you should follow it by rebuilding indexes on all tables, and then eventually by shrinking the transaction log - but not to a minimum size you can, but to the size it was prior re-indexing.
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