I have tried the pai mu tan in the tea bags, and must say that it is the best white tea I have ever tasted.
Is it the same as the white peony in the bulk, or loose tea?
Yes it is. Different people and different vendors will call the same tea by a different name for many teas and "White Peony" is no exception. Typically, White Peony is either referred to as Pai Mu Tan/Bai Mu Dan and it is all the same thing. Obviously, many vendors do not get their tea from the same sources so you may notice a slight difference in taste, but essentialy, for nomenclature pursposes, they are all the same. Hope this helps!