We revisit the relation between the peak luminosity $L_{iso}$ and the spectral time lag in the source frame. Since gamma-ray bursts (GRBs) are generally thought to be beamed, it is natural to expect that the collimation-corrected peak luminosity may well correlate with the spectral time lag in the source frame if the lag-luminosity relation in the GRB source frame exists. With 12 long GRBs detected by the Swift satellite, whose redshift and spectral lags in the source frame are known, we computed $L_{0,H}$ and $L_{0,W}$ using bulk Lorentz factors ${Gamma}_{0,H}$ and ${Gamma}_{0,W}$ archived in the published literature, where the subscripts H and W represent homogeneous and wind-like circumburst environments, respectively. We have confirmed that the isotropic peak luminosity correlates with the spectral time lag in the source frame. We have also confirmed that there is an anti-correlation between the source-frame spectral lag and the peak energy, $E_{peak}$ (1 + z) in the source frame. We have found that the collimation-corrected luminosity correlates in a similar way with the spectral lag, except that the correlations are somewhat less tight. The correlation in the wind density profile seems to agree with the isotropic peak luminosity case better than in the homogeneous case. Finally we conclude by briefly discussing its implications.