Answer
In the WB45 the syslog is initialized by S01logging under /etc/init.d. To change the syslog size, in S01logging you'll see the line "/sbin/syslogd -D -C32 -m0 \", change the -C32 to -C256 or -C512. The number after the -C equals the buffer size in KB. By default, the size is set to 512KB.