Central Admin > Monitoring > Configure Diagnostic Logging

The setting is “Trace Log” 

Go to trace log and change the following

Note:

 I strongly recommend only changing the drive letter. Leave the path alone

Note:

 I strongly recommend only changing the drive letter. Leave the path alone

And change to any other drive

With PowerShell:

Set-SPDiagnosticConfig -LogLocation “E:\Program Files\Common Files\Microsoft Shared\Web Server Extensions\14\LOGS”

And

Set-SPUsageService -UsageLogLocation “E:\Program Files\Common Files\Microsoft Shared\Web Server Extensions\14\LOGS\”

Reference

http://www.toddklindt.com/blog/Lists/Posts/Post.aspx?ID=304