Tea: In a large pot over medium-high heat, add water and sugar. Bring to a boil, stirring until sugar is dissolved. Once water is boiling, remove from heat and add tea bags. Allow tea to cool to room temperature, remove tea bags and transfer tea to fridge to chill completely.
Tapioca Pearls: In a medium sized pot over medium-high heat, bring water to a rolling boil and add tapioca pearls. Stir pearls and let them cook for about 10 minutes. Pearls will float to top when they are done cooking. Remove from heat, cover pot, and let pearls sit in hot water for an additional 10 - 15 minutes, or until desired level of chewiness is reached. Drain and rinse pearls under cold water and transfer to a bowl. (Try a tapioca pearl to check if you would like them to be sweeter. If yes, you can soak them in simple syrup for 10 to 20 minutes.)
Assemble the Bubble Tea: Divide cooked tapioca pearls into 2 large glasses. Add ice cubes to each glass and pour 1 cup of tea into each glass.Add about 2 tablespoons of sweetened condensed milk on top, stir and serve. Add more milk or tea, to taste.