OK, so I wanted to install logrotate on my MBWE.
There are basically two ways, using Optware or compiling.
You can install logrotate using Optware by doing the following:
ipkg install logrotate
This installs logrotate and the needed library popt..
Then run ldconfig after this, to update the runtime bindings.
In my case I had to install another package called libiconv, so use ipkg again.
ipkg install libiconv
And finally run ldconfig to update the runtime bindings again.
Now, all you need is to setup cron to run logrotate daily, and an appropriate logrotate.conf.