Are log files shrunk in order of transactions?

Greetings. 

Here's the scenario:

1. Transaction1  starts, 
2. The log file grows to 50% disk capacity because of Transaction1. 
3. Transaction2 starts.
4. The log file grows to 95% of disk capacity because of Tranaction2.
5. Transaction2 commits.

Because Transaction2 has completed, will the log file file shrink back down to 50%, or stay at 95% because Transaction1 is still open?

Thanks!

TIA, ChrisRDBA