Because pomegranate is a superfruit in part, everybody seems to assume that it can actually lower cholesterol levels to a certain degree. This makes sense in some ways and not in others. But as far as the studies go, there have been few studies on pomegranate, and they have been small at best. Pomegranate is rich in antioxidants including polyphenols, which makes it good for certain values and certain benefits in general, and it is of course perfectly safe to drink, unless you happen to be allergic.
Antioxidants in general are generally assumed to lower cholesterol levels, clear the arteries, and protect the heart. However, again, there are really no big studies or otherwise that show the results for sure, and it is largely in question. For the most part, there are not a lot of scientists who particularly care to study pomegranate to a larger degree. So I would be skeptical about any possible benefits to the cholesterol levels, at least substantial ones. However, the idea is strengthened by all the ideas surrounding antioxidants and their use at this time. It just depends on how far you happen to take that particular idea. Individuals vary on their opinion of it.