No, it is not at LL Lounge.
It IS offered at Alfresco Tasting Terrace, along with a couple other secret menu drinks (Neverland Tea, The Sea Witch). The Fun Wheel is actually listed on the menu there, but our server last Saturday told us some other drinks are available also. About half the patrons up there while we were there had Fun Wheels. I suspect this may become the new "hot spot" lounge...The old Cove Bar was dead last Saturday night. Disney is going to regret changing that place, I think.
Anyway, the Alfresco Tasting Terrace also offers great Italian style small plates and a vast wine and beer selection. At around 7pm, it becomes quite a magical place to be, with the sun setting and the lights coming up, and the elevated views from the balcony.
To get there, head up the staircase to the right of the podium for Wine Country Trattoria. It does close at about 8:30, so plan accordingly.