Cheyrou has begun to find his feet in English football
Kenny Miller's late goal secured Wolves a precious point against Liverpool.
Bruno Cheyrou scored his second goal in four leagues matches for Liverpool, clipping a shot past Michael Oakes just before the interval.
Oakes kept Wolves in the game, notably to deny Emile Heskey, Michael Owen and Gerrard with a trio of saves.
Liverpool substitute Danny Murphy hit the post late on, but just as against Manchester United, Miller proved to be Wolves' hero with his last-gasp shot.
Heskey went close on six minutes when Wolves failed to clear a Steve
Finnan throw, but the England international striker's close-range volley was superbly
saved by Oakes.
Play switched upfield and Jerzy Dudek had to hurl himself at the feet of Steffen Iversen
to block the Norwegian as he was sent clear in the box.
Liverpool had problems with Wolves' direct style as well as their sheer
energy, but as the first-half progressed the visitors' began to carve out a succession of chances.
42 mins: Cheyrou gives Liverpool the lead
85 mins: Murphy hits the post for Liverpool
89 mins: Miller drills his shot past Dudek
Dietmar Hamann with a 25-yard drive and Heskey, this time with a weak effort
as he came in from the right, and a Cheyrou header from Owen's cross had
Wolves under more pressure.
Owen then glided into the box past Paul Butler and Lee Naylor only to see Oakes block the effort with another impressive save.
On 35 minutes Sami Hyypia flicked on a Harry Kewell free-kick for Heskey - arriving at the far post - but the Liverpool striker shot wide.
Liverpool's pressure finally told on 43 minutes when Finnan lifted an angled ball into the box from way out on the right and Cheyrou surged in from the left to take control and crack a volley past Oakes.
Soon after the interval Oakes came to Wolves' rescue saving a Steven Gerrard shot.
Just as they had done in Saturday's win over United, Wolves' spirit remained undiminished and on 62 minutes Colin Cameron cut in from the right to test Dudek with a low drive.
Midway through Iversen missed another golden chance.
Cameron lifted the ball into the box, headed on, and Iversen
blazed over, unmarked, from eight yards.
Liverpool were also guilty of profligacy, notably Murphy, who passed up two good chances late on, the second time hitting the post.
And Miller made Gerard Houllier's side pay when Miller drilled a shot past Jerzy Dudek in the 90th minute.
Wolverhampton: Oakes, Irwin, Craddock, Butler, Naylor,
Newton (Cameron 20), Rae, Ince, Kennedy (Silas 72),
Iversen (Ganea 82), Miller. Subs not used: Clyde, Ikeme.
Booked: Ince, Rae.
Liverpool: Dudek, Finnan, Biscan (Henchoz 45), Hyypia,
Carragher, Cheyrou (Murphy 75), Hamann, Gerrard, Kewell,
Heskey, Owen. Subs not used: Jones, Riise, Le Tallec.
Referee: B Knight (Kent).