According to the log file it is blowing attempting to patch the Team Foundation Server Object Model components.
Patch (L:\VS10sp1-KB983509.msp;L:\VS10sp1-KB2413561.msp;L:\VC10sp1-KB983509-x86.msp;L:\VC10sp1-KB983509-x64.msp;L:\VC10sp1-KB983509-IA64.msp;L:\VS10sp1-KB983509-Pro.msp) Install failed on product (Microsoft Team Foundation Server 2010 Object Model - ENU).
If you are not using TFS, then you should be able to uninstall these from your computer via Add/Remove programs. They should show up as 'Microsoft Team Foundation Server 2010 Object Model -ENU'. Once you have these uninstalled, perhaps you can try re-applying the service pack and again post the log file if it fails.
If they are not in your Add/Remove programs perhaps they did not properly get uninstalled previously? You may need to use msizap to permanently remove any traces of them.