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I'm going to suggest a different alternative: Do both. That is to say, put the link on the home page as you suggested, but only link either the Site title or the keyword, not both. (And which will be determined by the brand/keyword mix of your overall link profile - don't want to overdo the keyword anchor text.) . Then also add it to the sidebar, but no-index this sitewide version and only use one link. The second link would be superfluous anyway. The thinking here is that the home page link is designed to legitimately offer some ranking influence across to  the new site. The sidebar links are not designed to (nor would they be effective for) sending link juice, but instead are designed for actual human eyeballs to send referral visitors to the related site. (This is assuming the new site is in some way related to the topic of the original site) By no-following the site-wide sidebar link, you tell the search engines it's not on every page for manipulative purposes, but because it's potentially of use to the visitor- functioning much like a paid ad would, and protected by the no-follow in the same way.. Best of both worlds - some link juice from the home page link, and hopefully some referral traffic from the sidebar. Does that make sense? Paul

Cheers Oleg, I have just seen the duplicate content issue overlooked so often, so I thought it was important to put this point across and give a useful link to a more in depth look at the solution.