The message log file continues to exist until you drop the database. By default, the file grows indefinitely. To control the length of this file you can enable message log wrapping. The IQMSG_LENGTH_MB database option enables message log wrapping, and sets the length of this file. When the file grows to the specified size, new messages are written to the beginning the file, overwriting existing messages. See Chapter 2, “Database Options” in Sybase IQ Reference Manual for details.
Alternatively, you can archive your message log while no users are connected to the database, and then create a new, empty dbname.iqmsg file before allowing another user to connect.