The VPN log is a history of all Virtual Private Network events (messages), in practise IPSec events, and is used for support issues. It is visible only if VPN license is installed into the unit.
Each message has a timestamp, a source and a severity level. Severity levels are (listed in decreasing severity):
Debug messages are not logged by default. If support requests you, you have to enable logging of debug messages on the log configuration page (don't turn debug level on otherwise as it may lower the throughput speed).
It takes expert knowledge to fully interpret the log. Most of the messages (in green info mode) concerns the phase 1 and phase 2 negotiations to establish the IPSec/IKE tunnels (security associations, see also here). The advanced user may get some clues from the log in case of a failed negotiation, also the VPN status page should be examined. For example, a phase 1 negotiation must have been successfully finished before a phase 2 negotiation can take place, which may explain a message like “phase2 negotiation failed due to time up waiting for phase1”.