/dev/VolGroup00/LogVol01
is the volume you want to reduce):
swapoff -v /dev/VolGroup00/LogVol01
lvreduce /dev/VolGroup00/LogVol01 -L -512M
mkswap /dev/VolGroup00/LogVol01
swapon -v /dev/VolGroup00/LogVol01
cat /proc/swaps
or free
to inspect the swap space.