Log Files on IIS

I have a two IIS servers that were setup by a former colleague of mine. He enabled logging on both of them, but there is no one going through the logs anymore. While I was going through them the other day, I noticed that the folders C:\..\system32\logfiles on each of them exceeded 1G on one and 2G on the other. (Resulting in less than 200M of space on the C: drive of both servers.) I don’t want this to blow up on me when I’m not looking. Is there an IIS setting to keep the log files/directoriesto a certain size?

Thank you.