Prepare fresh pomegranate juice, if necessary.* Combine all the ingredients in a medium pot; bring to a low simmer over low heat. Keep the heat low and allow to simmer for an additional 45 minutes; then turn off heat. Allow mixture to steep for at least two hours off the heat. Strain and refrigerate. Serve hot or cold; garnish with an orange slice.
*To prepare fresh pomegranate juice, cut 2 large POM Wonderful Pomegranates in half and juice them with a citrus reamer or juicer. Pour the mixture through a cheesecloth-lined strainer or sieve. Set the juice aside.