It's hard to tell what you're looking for, since the error description just seems to say Error Description. This keeps it and the identifying stuff around it:
sed 's/[_,][^:-]*:/ /g
' <<\IN
CreateOrder_hostname1.domain.com_201509291530_tee.log:2015-09-29 15:42:06,715:ERROR :Thread-26_CreateOrder: [1443555726715] Error description [system]: Method1
ScheduleOrder_hostname2.domain.com_201509291530_tee.log:2015-09-29 15:42:06,715:ERROR :Thread-26_ScheduleOrder: [1443555726715] Error description 2 [system]: Method2
ScheduleOrder_hostname2.domain.com_201509291530_tee.log:2015-09-29 15:42:06,715:ERROR :Thread-26_ScheduleOrder: [1443555726715] Error description 3 [system]: Method3
ShipOrder_hostname3.domain.com_201509291530_tee.log:2015-09-29 15:42:06,715:ERROR :Thread-26_ShipOrder: [1443555726715] Error description 4 [system]: Method4
IN
...that prints...
CreateOrder 2015-09-29 15:42:06 ERROR :Thread-26 [1443555726715] Error description [system]: Method1
ScheduleOrder 2015-09-29 15:42:06 ERROR :Thread-26 [1443555726715] Error description 2 [system]: Method2
ScheduleOrder 2015-09-29 15:42:06 ERROR :Thread-26 [1443555726715] Error description 3 [system]: Method3
ShipOrder 2015-09-29 15:42:06 ERROR :Thread-26 [1443555726715] Error description 4 [system]: Method4
I dunno if that's too much or too little, or if it's even on the right track. I played around with dropping the boxed stuff, too.
sed 's/[_,[][^]:-]*[]:]/ /g
' <<\IN
CreateOrder_hostname1.domain.com_201509291530_tee.log:2015-09-29 15:42:06,715:ERROR :Thread-26_CreateOrder: [1443555726715] Error description [system]: Method1
ScheduleOrder_hostname2.domain.com_201509291530_tee.log:2015-09-29 15:42:06,715:ERROR :Thread-26_ScheduleOrder: [1443555726715] Error description 2 [system]: Method2
ScheduleOrder_hostname2.domain.com_201509291530_tee.log:2015-09-29 15:42:06,715:ERROR :Thread-26_ScheduleOrder: [1443555726715] Error description 3 [system]: Method3
ShipOrder_hostname3.domain.com_201509291530_tee.log:2015-09-29 15:42:06,715:ERROR :Thread-26_ShipOrder: [1443555726715] Error description 4 [system]: Method4
IN
...that prints...
CreateOrder 2015-09-29 15:42:06 ERROR :Thread-26 Error description : Method1
ScheduleOrder 2015-09-29 15:42:06 ERROR :Thread-26 Error description 2 : Method2
ScheduleOrder 2015-09-29 15:42:06 ERROR :Thread-26 Error description 3 : Method3
ShipOrder 2015-09-29 15:42:06 ERROR :Thread-26 Error description 4 : Method4
...which looks like the kinda stuff I'd wanna see, maybe.
This one drops the Description bit entirely, but maybe still tells the same story? Bear in mind, it is kind of difficult to match a string which you say could be anything and which doesn't seem to serve any real purpose either. Anyway, it's fun, too.
sed 's/[_,][^-]*[^ ]:/ /g
' <<\IN
CreateOrder_hostname1.domain.com_201509291530_tee.log:2015-09-29 15:42:06,715:ERROR :Thread-26_CreateOrder: [1443555726715] Error description [system]: Method1
ScheduleOrder_hostname2.domain.com_201509291530_tee.log:2015-09-29 15:42:06,715:ERROR :Thread-26_ScheduleOrder: [1443555726715] Error description 2 [system]: Method2
ScheduleOrder_hostname2.domain.com_201509291530_tee.log:2015-09-29 15:42:06,715:ERROR :Thread-26_ScheduleOrder: [1443555726715] Error description 3 [system]: Method3
ShipOrder_hostname3.domain.com_201509291530_tee.log:2015-09-29 15:42:06,715:ERROR :Thread-26_ShipOrder: [1443555726715] Error description 4 [system]: Method4
IN
CreateOrder 2015-09-29 15:42:06 ERROR :Thread-26 Method1
ScheduleOrder 2015-09-29 15:42:06 ERROR :Thread-26 Method2
ScheduleOrder 2015-09-29 15:42:06 ERROR :Thread-26 Method3
ShipOrder 2015-09-29 15:42:06 ERROR :Thread-26 Method4
Error description? The latter seems to be what you're asking for but doesn't seem very useful.CreateOrderin the beginning or can this string differ?[and]? Will it always be between the penultimate and last:? Will it always have[foo]right after it? Please show us some more examples so we don't give you something that only works on this one.