We dont have command similar to PRUNE LOG in SQL Server AFAIK, you can ofcourse delete whole log file if you like but that is whole different discussion. As I read this command would delete contents while SQL Server after truncating the logs would overwrite its content with new information. You may consider this as similar thing but I just put it out so that you can see the difference.
IN full recovery you would have to take transaction log backup to truncate logs
In simple recovery model when log file grows 70% of its size it will automatically try to truncate the logs or when checkpoint is fired.
In both cases above a long running transaction can block the truncation if it needs portion of the log.