Bring the peppercorns, cardamom pods, star anise, cinnamon sticks, and 4 cups cold water to a boil in a medium saucepan over medium-high heat. Reduce the heat and simmer for 10 minutes. Turn off the heat, add the tea bags and let steep 5 minutes. Discard the tea bags, strain the tea mixture into a large measuring cup and discard the spices. Let the tea mixture cool at room temperature for at least 10 minutes, then chill completely in the refrigerator, about 1 hour.
To serve, fill 4 tall glasses with ice. Divide the chilled tea mixture among them. Whisk the sweetened condensed milk and milk together in a small bowl or large measuring cup until smooth, then pour 1/4 cup into each glass. Stir and serve immediately.
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