Truncated copy of a DB for a developer
Couple of options :

A. Native to sql server (no third party):





-- make sure to have it in order due to Foreign keys + if your tables have Identity columns then Identity insert should be ON + you have to order by date to get matching data from all the tables.

select 'select top(100) * from '+ name +char(10)+ 'go' from sysobjects 
where type = 'U' -- for user tables


Option 2: BCP OUT and BULK Insert.

See my script at https://dba.stackexchange.com/a/43232/8783

Option 3: SSIS wherein you can specify top rows to be extracted from the source database using T-SQL Script task. Sill here you have to manage FK's , Identity columns, etc.

Option 4: Use third party or tools from codeplex (all free)


SSMS Tool pack. Very good and freebie (till SQL Server 2008R2) and it has Insert statement generator
DBScripter
Sql Script Generator



  Licensing only applies to SSMS 2012 and higher versions.
  For previous SSMS versions the SSMS Tools Pack is still FREE.