Compacting .ldf file for SQL 7.0

I have an .ldf file for one of my databases that has grown to 2.6 Gb (2600 Megs!) although it is only using 31 Megs or space. I can’t seem to shrink it using dbcc shrinkfile, dbcc shrinkdatabase, CHECKPOINT, or any of the Enterprise Manager utilities that I can find. Anyone out there have any ideas???