You need to decide how you want to handle your database. Do you want point in time recovery (minimizing your risk of data loss to the last log backup), or do you want to rely on nightly backups (meaning if the system crashed, your data loss would be everything that happened since your last full/diff backup)?
If you want point in time recovery, you need to ensure that your database is in full recovery mode, you have regular full and log backups scheduled. If you back up the log regularly (say, every 15 minutes), it shouldn't balloon up to an unmanageable size again (unless you have an extremely large transaction). Without taking regular log backups, it might as well be in simple mode, since you're not gaining any of the benefits of full - but without taking log backups, the log is just going to keep growing.
If you don't need point in time recovery, then you need to ensure that your database is in simple recovery mode. In simple, the log auto-manages itself - it knows that it can clear out old transactions and re-use that space.
In either case, I would leave the log the size it is now. If you shrink it, it is likely just going to grow again, so what is the point of shrinking it?
These options are all much better documented in this answer - which is why I had originally voted to close this question as a duplicate of that one (rather than just copy and paste that answer here). Even though you don't think you're technically asking the same question, you are IMHO - you need to look past the title and recognize that you are in the exact same situation.
A couple of other links that might be useful: