The time dependence of nonclassical correlations is investigated for two fields (1,2) generated by an ensemble of cold cesium atoms via the protocol of Duan et al. [Nature (London) 414, 413 (2001)]]. The correlation function R(t1,t2) for the ratio of cross to autocorrelations for the (1,2) fields at times (t1,t2) is found to have a maximum value R(max=292+/-57, which significantly violates the Cauchy-Schwarz inequality R< or =1 for classical fields. Decoherence of quantum correlations is observed over taud approximately 175 ns, and is described by our model, as is a new scheme to mitigate this effect.