I would go ahead and plant it and give it some TLC all summer long. Sweetbay magnolia is a tree that much prefers being planted in spring as opposed to fall. I know that's contrary to most other trees, which benefit from fall planting. But Sweetbay needs some time to get established in it's soil to help avoid winter dieback. I would also give a tree that small some protection in the hot, late afternoon sun. I'm assuming the rootball on the tree is no more than a few inches, so come July or August, the sun could simply cook that little thing. Heck, sit a lawn chair over it in the afternoon to give it some shade. And keep it well watered and properly mulched.

Hi Renee (if you're still there) Just wanted to let you know that I followed your advice throughout winter, and my little tree basically just hibernated. But since the days have started getting longer again, the tree is growing like crazy! It's a very happy little tree now! Thank you for the good advice :) Sarah

i like your optimism... with that pot.. lol ... there is a theory.. that things prefer some bit of being pot bound ... yours will not be so for a very long time ... i might think about doing pot in pot ... right in that giant pot ... also ... you dont mention your media... trees prefer a sip of water ... then total drainage.. and near drying before the next sip ... the stuff you have in that pot.. looks like it might hold way to much water for a tree ... which can be solved.. if your smaller pot had media more attuned to trees ... trees dont grow like other plants ... it has probably put out everything you will see this year ,... thats it ... but it will be growing roots.. for next year growth ... probably time to plant some annuals in there.. so you will forget about your little tree for the rest of the season ... but those plants like a lot of water.. so you would be back to a second pot with tree media ... so you could keep it.. drier than the rest ... ken

BTW it is a Peperomia obtusifolia and not a real rubber plant. It would more light than its current location. It is possible that after watering the inner pot, it could be sitting in water inside the cache pot. Especially if the pot is not drained well before placing it back in the ceramic pot. I would at least put some pebbles inside the ceramic pot to keep the inner pot raised. Do the leaves perk up after soaking well? If it does it could under-watered.