How do I adjust the size and location of the Chrome cache?

Simple answer: Chrome won't let you configure cache size nor will it allow you to change the default cache directory.
 
I exhausted a search of all menus in Chrome, and the only answer I can give to this question is that Chrome doesn't let you edit cache path or size. I am guessing there is some long work around via inf file, but if there is, I haven't found it. Took a look at the install locations (%userprofile%\Local Settings\Application Data\Google\Chrome, and %programfiles%\browserrecord) and found no inf file that had that setting. Also did a quick browse through the registry for references to Chrome and no luck either.
 
Hoping Google doesn't expect us to look at and edit the source code to make such a change.
 
The option to set the cache size at the very least is available on all the other browsers I have used (ie, firefox/mozilla/netscape, and opera )... seems odd that Chrome would lack such a feature, instead of improving on it.

just run chrome with appended --user-data-dir="type the full path of your own cache folder here" at the end of program path,

Good sluething to uncover that option which can be used with a shortcut.
 
But where would "--user-data-dir= " be appended if Chrome is set as the default browser? I don't see the Advanced button for the file type association with, say, htm. And, in any event, it should not be necessary to go to such work-arounds for a basic setting.

Although the --user-data-dir trick will allow you to change the cache location, it sets the location used for all Chrome state on disk - user settings, bookmarks, cookies, etc. You probably don't want to set it to a location where you might lose the files (ie removable drive), which would not be the case if it was only for the cache files.

Works, though it's a bit silly that there's no configuration available in the UI for this. All other major browsers provide UI options for configuring the cache, and if that's not sufficient justification for Google to have something similar, then there's at least one other good reason to add it: SSD's. Most current generation SSD's can only sustain a limited number of write-cycles before they wear out, and if Chrome's cache settings aren't configurable then the browser might end up needlessly wearing out the user's drive, which is very not cool. It's not uncommon for chrome to rack up 2 GB or more "I/O Write Bytes" daily, as reported by the Windows task manager. I don't know how much of that is caching vs. paging vs. other misc I/O, but 2+ GB/day is not an insignificant amount of wear for an SSD, and if the browser is going to be writing that much data to disk, there needs to be a better way to configure where it goes.

I think the best workaround for now is ln -s (Linux) and mklink /D (Windows Vista or newer)