Literally sitting on the log will be viewed from sitting on a log of wood alone, probably doing one thing or the other. But I saw that it can also have a deeper meaning, especially having to do with laziness and being inactive.
The similar words or phrase, sitting on the fence can express the same meaning as it also means speaks the same due to the idle act involved.
I wouldn't think much of sitting on the log but it is quite common today, and mostly people do it because they are not sure of where they stand or the kind of decision they want to make.
Something important to learn from this is that it aids procrastination, and this can be very detrimental as opportunities can easily slip by.
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