Heat the heavy cream until it is simmering on the stove or in a large microwave safe measuring cup. Once the heavy cream is simmering, remove it from the heat and place two chai tea bags in it. Set aside.
Add the sugar to a medium sized saucepan set over medium heat. Stir occasionally until the sugar begins to melt, then stir constantly until the sugar is completely melted and has turned to a deep amber color. Add in the butter, and carefully mix until the butter has melted.
Take the mixture off of the heat, and slowly whisk in the chai cream until it is completely incorporated into the caramel. Transfer the caramel to a heat-safe container and set it in the fridge.
Chai Cold Foam
Once you're ready to make your drink, add the heavy cream, milk, and 1 tbsp. of the chai caramel sauce to a medium sized cup or container. Froth or shake the mixture until it's thick and foamy.
Iced Caramel Chai Latte
Use the back of a spoon to coat the inside of a cup with some of the chai caramel sauce, then fill the cup with ice.
Pour the milk over the ice, then brew two shots of espresso and add them into the drink. Top the latte off with the chai cold foam and a drizzle of chai caramel sauce, then serve and enjoy!