Third path - treat it as an NPC. If we're looking to game of thrones, then most of the characters have little to no interaction with their dire wolves. Of the ones that do, it's clearly not having a dire wolf pet that is what makes them special. Jon's animal bond isn't restricted to his pet at all.well this is what I'm thinking. You raise the wolf. The wolf you get starts as a Pup, CR 1/4 when you take the feat. This allows you to legally match the 1/4 the Beastmaster gets without assuming they rewrite the Ranger.
So you have two paths:
first path: CR 1/4, no Feat, ranger class, beastmaster
second path: CR 1/4, costs 1 feat, no ranger class
Rather than adding a feat to have a pet, I'd like to see some rules about how training an animal works, some feats that improve that process, and probably a background. At present, it's all DM fiat with the exception of being a ranger, and the rules for that are just plain wierd.