DELETE
The DELETE command is used to remove rows from a table. A WHERE clause can be used to only remove some rows. If no WHERE condition is specified, all rows will be removed. After performing a DELETE operation you need to COMMIT or ROLLBACK the transaction to make the change permanent or to undo it.
TRUNCATE
TRUNCATE removes all rows from a table. The operation cannot be rolled back ... As such, TRUCATE is faster and doesn't use as much undo space as a DELETE.
From: http://www.orafaq.com/faq/difference_between_truncate_delete_and_drop_commands