Place the water, cinnamon sticks, and sugar in a large saucepan and place over high heat. Bring the mixture to a boil, then reduce to a simmer for 5 minutes to allow the cinnamon sticks to release their flavor.
Remove the water from heat, add the tea bags, cover, and allow to steep for 5 minutes. Remove the tea bags and discard.
Pour the tea mixture into a 2-quart pitcher and stir in the orange and lemon juice.
Chill the tea in the refrigerator until cold, about 2 hours.
Pour over ice, garnish with orange slices and cinnamon sticks if desired, then serve.