One alternative was to create a small utility in .NET and run it which deletes the particular event log. It worked but was time consuming. Then I came across this cool stuff which you do with powershell! Just one line and you can delete event log!
Just open powershell and type in the following. Caution! it will not ask for confirmation and will immediately delete event log.
[system.diagnostics.eventlog]::Delete("YourEventLogNameHere")I tested it with windows powershell v1.0