Tucked away in the IIS manager is an UI screen to configure the Events that get logged when an application pool is recycled. When you right click on the application pool and choose Recycling you get to the screen where you configure the Recycling Conditions. When you click ‘Next’ you will get a screen where you can configure the events that are logged when recycling happens

See more here: 
IIS 7 Tip # 4 Application Pool Recycling Events has an UI

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