Fehling's reagent (mainly light blue Cu(OH)2) reacts with reducing sugars under heating, to from brick red Cu2O precipitates. If heated using hot waterbath, Cu2O ppt would be large and brick red, if heated directly using bunsen, Cu2O would be smaller and yellow.
R-CHO + 2Cu 2+ + 5OH - -> R-CO2 + Cu2O + 3H2O
For this reagent , the two ingredient solutions should be made, stoppered and stored (NaOH and CuSO4) - they are then mixed to form Fehling's reagent when needed.
Why must the reagent be freshly made? The presence of the tartarate ion is to bond to Cu2+, preventing Cu(OH)2 ppt when two solutions are mixed. But why don't we just use CuSO4 solution then, since it contains free Cu2+? The redox reaction needs a basic medium, thus the NaOH with the sodium potassium tartarate. So the whole point of the reagent is to have free Cu2+ and a basic medium. Now if we mix the two solution together yonks before we actually use the resulting reagent, what would happen? Hmm, it can't be reaction with air, since CuSO4(aq) and the NaOH + tartarate solution would also have the same problem, since they all contain the same Cu2+ and OH- ions. So my guess is either:
1. Cu2O somehow precipitates, and making the reagent useless, or
2. something happens to the tartarate ion if you leave it with Cu2+ for too long, and Cu(OH)2 precipitates. And then when you actually use the reagent, Cu(OH)2, after heating would just decompose to CuO, making the reagent useless anyway
Just a side note, another reason you might see CuO at the end of the test is due to the oxidation of Cu2O to CuO, since Cu2O is only more stable at high temperature, so if you heat slowly, it's no good. Also, Cu(OH)2 decompose faster when heating slowly in water bath, so heating directly is probably better, although, you'd probably end up seeing small and yellow Cu2O ppt.