I'm pretty sure the event logger is an important service...
Anyway, to make troubleshooting easier, make sure you have Process Explorer setup with both symbols
and the latest debugging engine.
You can download and install the latest [
Debugging Tools], then configure ProcessExplorer to use it's debugging engine:
This gives you
'friendlier' stack traces. Notice the Names - Yes, I realise that you may already have the symbols setup, so this advise is not just for you...

Anyway, the item at the top of the stack trace is usually not the problem - it's simply the point at which ProcessExplorer was able to attach itself to the thread, and take a snapshot of the stack.
So you will typically need to trawl back down the stack trace to find the culprit of the CPU usage.
EDIT:Note that when using the entry as shown in the image (SRV*c:\symbols*http://msdl.microsoft.com/download/symbols), you need to make sure the symbols cache folder (in this case c:\symbols) actually exists. You can change it to something else, if you like.