Neither of those things. Even before the war Italy had designs on Albania. Austria-Hungary never wanted to annex the place, they just saw the Balkans as their natural sphere of influence, and as such conflict arose between Italy and Austria over Albania.
I think even in a CP victory Albania will remain a sticking point, but that of course depends on the nature of the victory. For instance, a well-used an effective POD might be the First Battle of the Marne, however in this scenario the war may well be over before Italy picks a side. Similarly, a quick German advance at the start of the war may make Italy join the CPs. In the former scenario, Italy hasn't entered the war and Austria is in a much stronger position, and may very well have placed troops in Albania. This is going to be diplomatic hell for these two nations, and will certainly damage relations.
In the latter scenario, Austria and Italy may jointly occupy Albania, making it a sticking point once peace is achieved. Either way I think Albania isn't annexed by anyone or puppetised by anyone unless Austria-Hungary collapses or defeats Italy in war.
If you somehow get a CP victory in 1918 then it's a different matter, as Italy will have to come to terms with Austria-Hungary and relinquish their irredentist claims to the Adriatic coast (including Albania, and Dalmatia/Illyria). But I think that scenario is not very likely at all.
In OTL Albania was occupied by Albania by Italy at the outbreak of war, but Italy evacuated in 1920 due to Albanian resistance (which was one of the main reasons Mussolini was so intent on annexation of Albania). In fact, between 1928 and 1939 (the eve of the second and most famous Italian invasion), Albania was a de facto protectorate of Italy, since Italy was in control of most of Albania's mineral resources and subsidised its industry and government.
With that in mind, you can imagine its importance to an independent and stable Italy, particularly when on the opposing side to Austria-Hungary.