  We determine $|V_{cb}|$ using the third-order perturbative series for the
inclusive semileptonic $B$ decay width and for the masses of the bottomonium 1S
states. We use the masses of $\eta_b(1S)$ and $\Upsilon(1S)$ as short-distance
masses and point out that there is a sizable difference of $|V_{cb}|$ between
the two 1S mass schemes. This is the dominant error of our determination and
stems from insufficiency to describe theoretically the observed mass splitting
of the bottomonium 1S states. We also study the significance of the
$\mathcal{O}(\Lambda_{\overline{\rm MS}}^2)$ non-perturbative effects in HQET
with respect to the current perturbative accuracy. Our result $|V_{cb}|=0.0425
(11)$ is consistent with the PDG value determined from the inclusive decays and
has a slightly larger error.
