W3SVC1 log file located in C:inetpublogslogfiles grew to 50GB on a client SBS 2003 server.
Safe to delete manually. Controlled by Start>Run>%SystemRoot%system32inetsrviis.msc
Web Sites > Right click Default Web Site > Properties > Enable Logging
Scheduled task to keep it on but stop the log file from growing unrestricted found here on Microsoft Technet:
at 12:00 /EVERY:Su Forfiles.exe -p C:WINDOWSsystem32LogFilesW3SVC1 -m *.log -d -30 -c “Cmd.exe /C del @path”
Best I’ve found so far.
The process is a little different with SBS 2008 and IIS7:
Disabling WSUS Logging (or any website on Windows Server 2008)