[SOLVED] Storage Space Running Out on Galaxy S2

First of all, Hands Down, Samsung Galaxy S2 is the best phone I have ever used and it still ranks among the top smartphones available in the market. Even Samsung kept it alive for 3 years by feeding it Gingerbread (Android 2.3) to Ice Cream Sandwich (4.0) to Jelly Bean (4.1).
Although at one point of time the phone was working smoothly with over 450 applications installed in it, but suddenly somewhere in October, 2013 with just around 100/150 applications, my phone started showing the device storage issue message frequently whenever the available space went below 200MB.
Let me first tell you that this problem is not an issue of rooting the device or does rooting will fix it. You don't even have to Factory Reset your device to get back the storage.
The solution is much simpler than that:
1. Press *#9900* on your device keypad to enter SysDump.
2. Select the second option displayed on the screen: Delete dumpstate/logcat