WinTailViewer++ is a free Windows tool that allows you to tail log files and change the encoding by offering a bunch of features.
You can set the window size while display it as top most. Also you can read the log while you're using another window by setting the window opacity.
Description by Softpedia.com:
"An intuitive and easy to use tool designed for reading log files, providing users with the possibility to make the window transparent and carry on with their work.
WinTailViewer++ is a lightweight LOG viewer that enables you to open and monitor log files as they are being updated.
Optionally, users can set WinTailViewer++ to place itself on top of all the other windows or adjust the opacity of the main interface in order to use another program while reading the log."
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