How To Accelerate The Insert Rate And Reduce Transaction Logs

SQL Server 2005
XEON CPU 3.0G
MEMORY 2.0G
RAID

Tow tables:
HIS_HTTP_ONLINE_LOG(PARTITION)       FOR HISTORY DATA
REL_HTTP_ONLINE_LOG(NOT PARTITIONED) FOR EVERYDAY DATA,
AND THEY HAVE THE SAME STRUCTURE

CREATE TABLE HIS_HTTP_ONLINE_LOG(
ID numeric(20,0)  NOT NULL,
USERID varchar(32) NOT NULL,
USERIP varchar(16) NOT NULL,
USERPORT numeric(10, 0) NULL,
OBJECTIP varchar(16) NULL,
OBJECTPORT numeric(10, 0) NULL,
HTTPURL varchar(256) NULL,
HTTPHOST varchar(128) NULL,
HTTPDNS varchar(128) NULL,
VISITIME numeric(10, 0) NULL,
STARTIME datetime NOT NULL,
ENDTIME datetime NOT NULL
).......

SELECT * INTO REL_HTTP_ONLINE_LOG
SELECT *
FROM HIS_HTTP_ONLINE_LOGWHERE 1=2

There are 5 indexes in HIS_HTTP_ONLINE_LOG ,
There is not one index in REL_HTTP_ONLINE_LOG

There are about 5000,000 records in REL_HTTP_ONLINE_LOG everyday,
at night it will move into HIS_HTTP_ONLINE_LOG automatically,
The data of everyday in REL_HTTP_ONLINE_LOG will be last 90 days.

My operations:
1: ALTER DATABASE DB SET RECOVERY SIMPLE
2: EXEC SP_DBOPTION DB, 'select into/bulkcopy', 'TRUE'
3：INSERT INTO REL_HTTP_ONLINE_LOG
   SELECT * FROM HIS_HTTP_ONLINE_LOGWHERE 1=2
4: TRUNCATE TABLE REL_HTTP_ONLINE_LOG

ASK:
why the step 3 cost so much time ? (about 1 hour)
 and how can I reduce the transaction logs in this period ? 
 
Could you give me some suggestions ?
Thanks!