iTunes: How to move [or copy] your music [library] to a new computer [or another drive] - http://support.apple.com/kb/HT4527 - a somewhat bewildering and not always easily understandable set of options.
Quick answer if you use iTunes' default preferences settings: Copy the entire iTunes folder (and in doing so all its subfolders and files) intact to the other drive. Open iTunes and immediately hold down the Option (alt) key (shift on Windows), then guide it to the new location of the iTunes Library.itl file in the moved iTunes folder.
For the record there's this reference for iTunes 11 but it really doesn't strike me as having the specifics you need. iTunes 11 for Mac: Move your library to another computer - http://support.apple.com/kb/PH12168
Windows users see tip at: https://discussions.apple.com/message/18879381