foreign key, or "in" constraint?

Suppose you have a table with a status column, and the status can be one of "queued", "inprogress", "failed", or "completed".

This can be enforced two ways:

1. status has a FK to a "statuses" table, and the allowed statuses are in that table.
2. with a constraint such as status in ('queued','ip','failed','completed')

Which is more typically used? What are the pros and cons, tradeoffs, etc, of each?

Many TIA!
Mark

-- 
Mark Harrison
Pixar Animation Studios