Following are the steps to set periodic recycling for the application pool in IIS 

1. Login to your VPS via RDP.
2. Click on Start → Administrative Tools → IIS.
3. Expand the server name. Click on Application Pools.
4. Select the application pool in which you want to set periodic recycling. > Click on Recycling link from Actions pane.
   
   
    
5.  In the Edit Application Pool Recycling Settings Wizard, select at least one option and specify appropriate value for it. Click Next.
   
   
    
6. Select event which you want to record in the log from the Recycling Events to log screen. > Click on Finish to save and apply the changes.