1. Bring 2 cups water to a boil in a 3-qt. heavy saucepan; add tea bag. Remove from heat; cover and steep 10 minutes.
2. Discard tea bag. Add sugar, stirring until dissolved. Bring tea mixture to a boil over medium-high heat and cook, stirring occasionally, 10 more minutes or until mixture turns amber brown and reduces to a honey-like consistency. Gradually add cream, and cook, stirring constantly, 1 to 2 minutes or until smooth. (Mixture will be very thin.) Cool completely (about 30 minutes). Cover and chill 24 hours. (After chilling, mixture will have the consistency of heavy cream.)