Derivation of the form of the time correlation function in NMR spectroscopy
Your function $G(\tau)= \langle B_x(t)B_x(t+\tau) \rangle$ is an autocorrelation function. If it is only a function of $\tau$, the time delay, and not t, this is called the stationary assumption. 

The fluctuating field has  zero average $\langle B_x(t) \rangle =0$. The bracket implies averaging over a long time for a single spin or average over many spins at a particular time, which is the ergodic hypothesis. 

The magnitude of the fluctuating fields is the mean square fluctuation $\langle B_x^2(t)\rangle \ne 0$ and is positive thus the mean square is not zero.

It is also necessary to know how rapidly the fields fluctuate and this is where the autocorrelation $G(\tau)= \langle B_x(t)B_x(t+\tau) \rangle \ne 0$ comes in. We compare the field at one point t with another point $t+\tau$ some time later. If $\tau$ is small then the value of $B_x(t)$ and $B_x (t+ \tau )$ are similar and $B_x(t)B_x(t+\tau)$ is large and positive, by comparison if $\tau$ is large the product $B_x(t)B_x(t+\tau)$ is small approaching zero as $\tau$ increases.

Thus the general shape is that $G(\tau)$ is large at small $\tau$ and decays away to zero with increase in $\tau$. Often we assume that the decay is exponential thus $$G(\tau)= \langle B_x^2 \rangle \mathrm{e}^{-|\tau|/\tau_\mathrm{c}}$$ where $\tau_\mathrm{c}$ is a correlation time. This has the correct qualitative form but is difficult to justify on the basis of proper theory.

You state that $\tau_\mathrm{c}$ is caused by rotational diffusion thus it will, in general, be small in fluid solution and large in viscous ones. Of course $\tau_\mathrm{c}$ also depends on the temperature (smaller at larger $T$) and size of the whole molecule's rotation (as a prolate or oblate ellipsoid) or of a  mobile group therein, depending upon which property you are observing. Groups in a protein can undergo 'wobbling in a cone' type motion in addition to rotation of the whole protein. Note also that if the molecule is not spherical then it will have more than one rotational relaxation time so $G(\tau)$ may decay with more than one $\tau_\mathrm{c}$. Hope that this helps!