It's a good idea to save the database server's log output somewhere,
   rather than just routing it to /dev/null.  The log output
   is invaluable when it comes time to diagnose problems.  However, the
   log output tends to be voluminous (especially at higher debug levels)
   and you won't want to save it indefinitely.  You need to "rotate"
   the log files so that new log files are started and old ones thrown
   away every so often.
  
   If you simply direct the postmaster's stderr into a
   file, the only way to truncate the log file is to stop and restart
   the postmaster. This may be OK for development setups but you won't
   want to run a production server that way.
  
   The simplest production-grade approach to managing log output is to
   send it all to syslog and let
   syslog deal with file rotation. To do this, set
   syslog to 2 (log to syslog only) in
   postgresql.conf. Then you can send a
   SIGHUP signal to the syslog
   daemon whenever you want to force it to start writing a new log
   file.
  
   On many systems, however, syslog is not very reliable, particularly
   with large log messages; it may truncate or drop messages just when
   you need them the most. You may find it more useful to pipe the
   postmaster's stderr to some type of
   log rotation script. If you start the postmaster with
   pg_ctl, then the postmaster's stderr
   is already redirected to stdout, so you just need a
   pipe command:
   
pg_ctl start | logrotate
   The PostgreSQL distribution doesn't include a suitable
   log rotation program, but there are many available on the net;
   one is included in the Apache distribution, for example.