In a 4-quart saucepan or Dutch oven, combine pomegranate juice, water, sugar, and lemon juice.
For spice bag:
Cut a 6-inch square of 100%-cotton cheesecloth. Place lemon peel, cinnamon, and cloves in center of cheesecloth square. Bring up the corners; tie closed with kitchen string. Add spice bag to saucepan. Bring just to boiling; reduce heat. Cover and simmer for 10 minutes.
Discard spice bag. Stir bourbon into pomegranate juice mixture. Transfer to a heatproof serving pot. If desired, serve with a lemon peel strip in each cup.