Combine the sugar and 1 cup water in a small pot. Bring to a boil over medium heat. Remove from the heat and set aside to cool.
In a large pot over high heat, bring 8 cups water to a boil. Add the tapioca pearls, return the water to a boil and cook, stirring occasionally, for 15 minutes. Turn off the heat, cover and let the pearls sit another 15 minutes. Drain and rinse under cold water. Put into a container with the cooled simple syrup and refrigerate up to 2 days.
Put 6 jasmine tea bags into a heat-proof container and pour over 4 cups boiling water. Let steep 20 minutes. Remove the bags and discard. Let the tea cool, and then refrigerate.
When you are ready to serve, put 1/2 cup tapioca pearls into the bottom of a large glass. In a pitcher, combine the tea and sweetened condensed milk and stir until blended. Pour over the pearls and serve with an extra large straw.