"truncate log on checkpoint" option in SQL Server
You can still see (atleast in SQL Server 2008R2) trunc. log on chkpt. using sp_dboption, and you can set the database option as well





In SQL Server 2012 and up, you will get a nice error 


  Msg 2812, Level 16, State 62, Line 1
  Could not find stored procedure 'sp_dboption'.


Its there lying for backward compatibility ONLY. In SQL Server 2000 and up, SQL Server has a concept of recovery model that defines how the log truncation is honored e.g. In simple recovery - only a checkpoint will truncate the log where as in full recovery mode - only a log backup will truncate the log.

If you want to understand more about Transaction Log Management then refer to Stairway to Transaction Log Management

As s side note, SybaseASE even in newer version Sybase 15.7 has this option (As a matter of fact it has duplicate trunc log on chkpt and trunc. log on chkpt. the later is the one that SQL Server got in SQL 7.0 through SQL Server 2008R2 - seen in sp_dboption):