Shrinking SQL 2008 database is nowhere related to SQL 2000/2005 Method. Because SQL Server 2008 no longer allows you to truncate the transaction log using the no_log syntax
But here is the special code to shrink the database:
USE MASTER
GO
ALTER DATABASE database_name SET RECOVERY SIMPLE
GO
USE database_name
GO
DBCC SHRINKFILE (database_name_log, 1)
GO
ALTER DATABASE database_name SET RECOVERY FULL
GO
After applying the above method your database will shrink to the required amount.
