I'd put it in my carry-on. If you put it in your checked luggage it could break, and they also screen the checked luggage so any bottles in it might arouse suspicions and cause a delay in the transfer of the luggage to your cabin.
Yes, put it in your carry-on, for the reasons Dave noted. My sister had a bottle of (legal) wine leak in her checked suitcase. Not a great way to start a cruise. Especially if it is red! Plus, the way they stack the luggage it could ruin someone else's luggage too.