First, you should read the excellent answer written by Remus Rusanu.
At the beginning, he wrote:
Lets first take something off the table: do not delete or move any database mdf or ldf file. You'll end up corrupting and loosing the database.
To clarify: It is possible to move the log file to another drive in order to free space on the current drive.
It's just that you can't/shouldn't just move the file in Windows Explorer while the database is in use by SQL Server.
Disclaimer: You probably won't need to do this if you follow the steps in Remus' answer.
But it's possible that you still may want to move the log file to a different drive.
Either for performance reasons (SQL Server ist faster if database and log file are on two different physical drives, because there are lots of writes to the log file), or if you still have a disk space problem (even if you shrink the log file or back it up regularly, some day the database size will grow so that the drive is too small to hold both files).
To move the log file (or the database file) to another location, you need to:
- detach the database from SQL Server
- move the file(s)
- re-attach the database and specify the new file location(s)
Here are two tutorials with screenshots how to do this: