whats best practice for Log Truncation in SQL Server?
Don't truncate or shrink your log files.
See point 1


Why do you think this is a good idea?

With simple recovery, the internal log entries are removed periodically (ready to be reused) but the file requires no more processing. 

The log file is the size it is because of your day to day activities. If you shrink the log file you'll end up with poor performance.