Turning small oil (confetti type) lights...

I want to turn some wooden bases for small oil lamps called confetti
lights.  They need to have a 1.5 inch diameter hole in the top of the
wooden base to accept the glass oil lamp.  The holes need to be about
1.75 inches deep.  Would it be better to turn the hole using a
scrapper or other turning tool or to drill the hole using a 1.5 inch
Forstner style bit on a Jacobs chuck in the tail stock?

Thanks
Ted