Just like Sonic and the Secret Rings, Black Knight was released as an exclusive to the Wii. This means the only official way to play the game is through the Nintendo Wii.
This is probably the most accessible method of playing this game. All you need is just a copy of Black Knight and a little determination and you'll be able to play this game on your computer. If you want to use Dolphin Emulator to play this game, go here to learn how to set up Dolphin Emulator.
Project Reforged aims to make Sonic and the Black Knight much more easily available to play on the computer. This port is completely rebuilt from the ground up, meaning the majority of the game's assets are rebuilt and recoded. This port might be a significantly more accessible option compared to the other two. However, this port is still in it's testing phase, meaning that not everything in the original Black Knight is currently not here. However, this port has tons of features that are still useful for PC players, such as the ability to change graphics settings, all of the controls automatically being mapped to the keyboard and mouse, and the option to use any controller that you would like for the game. This port also has a few bonus features not found in the original game, such as customizable accessories for Sonic and a Sir Galahad boss fight.
Setting up Project Reforged is quite easy and involves less steps than Dolphin Emulator.