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Smallest HD video codec

I have a video that goes for 1 1/2 hours which needs to be uploaded to YouTube. That means it has to be under 2GB. It needs to be as high quality as possible. Going through my presets for Mpeg, wmv, h.264 I couldn't find any under about 3GB. And I was trying 720p. I really don't want to go lower than that.

Any suggestions?

EDIT: I can't actually find any 2GB rulings anymore, has it been lifted? Either some help would be great to save my bandwidth
 
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I'm not sure what the new max is, but it's pretty big. I uploaded a 14gb 1080p a few weeks back, no prob.

There's actually an on/off switch for it in your YT settings somewhere, but it appears to be turned on by default these days. (A few years ago you had to manually request permission for a "producer account", for larger files.)

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