I have two strings:
short_string = \"hello world\"
long_string = \"this is a very long long long .... string\" # suppose more than 10000 chars
Truncate naturally
I want to propose a solution that truncates naturally. I fell in love with the String#truncate method offered by Ruby on Rails. It was already mentioned by @Oto Brglez above. Unfortunately I couldn't rewrite it for pure ruby. So I wrote this function.
def truncate(content, max)    
    if content.length > max
        truncated = ""
        collector = ""
        content = content.split(" ")
        content.each do |word|
            word = word + " " 
            collector << word
            truncated << word if collector.length < max
        end
        truncated = truncated.strip.chomp(",").concat("...")
    else
        truncated = content
    end
    return truncated
end
Example
Note: I'm open for improvements because I'm convinced that there is a shorter solution possible.
This is how Ruby on Rails does it in their String#truncate method as a monkey-patch:
class String
  def truncate(truncate_at, options = {})
    return dup unless length > truncate_at
    options[:omission] ||= '...'
    length_with_room_for_omission = truncate_at - options[:omission].length
    stop = if options[:separator]
      rindex(options[:separator], length_with_room_for_omission) || 
        length_with_room_for_omission
      else
        length_with_room_for_omission
      end
    "#{self[0...stop]}#{options[:omission]}"
  end
end
Then you can use it like this
'And they found that many people were sleeping better.'.truncate(25, omission: '... (continued)')
# => "And they f... (continued)"
First of all, you need a method to truncate a string, either something like:
def truncate(string, max)
  string.length > max ? "#{string[0...max]}..." : string
end
Or by extending String: (it's not recommended to alter core classes, though)
class String
  def truncate(max)
    length > max ? "#{self[0...max]}..." : self
  end
end
Now you can call truncate when printing the string:
puts "short string".truncate
#=> short string
puts "a very, very, very, very long string".truncate
#=> a very, very, very, ...
Or you could just define your own puts:
def puts(string)
  super(string.truncate(20))
end
puts "short string"
#=> short string
puts "a very, very, very, very long string"
#=> a very, very, very, ...
Note that Kernel#puts takes a variable number of arguments, you might want to change your puts method accordingly.
You can write a wrapper around puts that handles truncation for you:
def pleasant(string, length = 32)
  raise 'Pleasant: Length should be greater than 3' unless length > 3
  truncated_string = string.to_s
  if truncated_string.length > length
    truncated_string = truncated_string[0...(length - 3)]
    truncated_string += '...'
  end
  puts truncated_string
  truncated_string
end