In Spanish if you are already speaking about yourself it sounds more appropriate to say > Pienso que...
Yo pienso < you would use in a conversation were you are specifying that, say: "well you had your turn to talk, I THINK this other thing about X subject.
However; if you visit a spanish speaking country the difference between adding <Yo> to your sentences or not, will not make too much of a difference.. A lot of Spanish speaking people use <Yo> too much.
Both, Pienso que and Yo Pienso que are acceptable.
It should only sound reduntant if you use the actual YO word more than once in a sentence.
Recap: Both ways are correct. The sentence without the word YO simply sounds better/ less informal.