There is no log file for IE that I know of. Do you mean the History folder?
It shows addresses and lenght of visit and last access date. Ctrl+H to view
the History folder.
There are third-party products available that may do what you want to
achieve. Try Net-Nanny if your purpose is to monitor your childrens usage.
We have something called BrowseReporter, you can view this at www.browsereporter.com it will tell you which sites the user has been
to (it will also tell you what time they accessed that site and also
the most popular websites visited).