Background story: Monitoring system told that it can not process Sybase error log, since it reached some predefined size limit. So, it is needed to do the error log file rotation, but the name of the file should be retained, since monitoring system requires the same name and location.
Solution: sp_errorlog command is the key for doing this. Before executing these commands, check its sintax in SAP (Sybase) documentation.
Change error log file to some new file with command:
sp_errorlog "change log", '/opt/sybase/ASE-15_0/install/PROD_DB_1_new.log'
On the machine where SAP ASE server is running, zip old error log file, and give it some other name, for example PROD_DB_1_2016_11_23.gzip
Change error log file to its original name with command:
sp_errorlog "change log", '/opt/sybase/ASE-15_0/install/PROD_DB_1.log'