In a large saucepan, bring water and milk to a boil over medium heat, stirring occasionally. Add tea bags. Reduce heat; simmer, covered, 5 minutes. Remove from heat; continue steeping, covered, 5 minutes. , Squeeze excess liquid from all tea bags into tea; discard tea bags. Stir in caramel syrup. If desired, top servings with whipped cream and caramel topping.,