For some servers the need to retain this logging for a long time may cause a disk space issue. To resolve this you can simply change the log file directory that IIS7 uses.
Open IIS Manager from Administrative Tools and click on the Default Web Site.
Double-click the Logging icon.
Type in the path to the new log directory that you want to use, or click Browse and navigate to it.
When you've entered or chosen the new log directory click Apply.
The new directory will be created (if it doesn't already exist) when the next log entries are written by the server.
You can copy the existing logs from the old location to the new log directory. Just be aware that the server may have already created a log file in the new directory for the current day, but you can simply tell the copy to keep both files by renaming one of them. Or if you make the change during a period of the day that there is no activity then you probably won't run into any duplicate file name issues.
We can also make the same configuration change using Powershell. From a Powershell window type the following commands.
PS C:\> Import-Module WebAdministration
PS C:\> Set-ItemProperty 'IIS:SitesDefault Web Site' -name logfile.directory "D:IISLogs"