You have to delete it.
http://www.macworld.com/article/53471/2006/10/sleepmode.html
Recover some drive space
If your machine was previously set to mode 3 (or 7 ) and you’ve reverted to the old style sleep mode, you’ve got one more step to take: recover the drive space used up by the copy of your system’s RAM, which was created the last time you slept the machine prior to making the switch. In Terminal, enter these two commands, pressing Return after each and providing your password when asked:
cd /var/vm
sudo rm sleepimage
If you ever return to the new style sleep mode, the sleepimage file will be automatically recreated when you execute the sudo pmset command—yes, it creates the file as soon as you execute the command, not the first time you put the machine to sleep.