Well.........I was partially kidding about the sunblock. The idea is to stop the UV from damaging the tire, and sunblock would help with that, since it does just what it says. Blocks the sun(UV).
But, I don't know how long it would last, or what the various other ingredients for skin softening would do.
I have used this stuff on my camper trailer tires, not sure how effective it is, but it has to help.
http://www.armorall.com/products/view_product.php?product_id=26
In looking around though, it looks like there is some better stuff out there.
This, for instance.
http://www.greatlakescorrosion.com/Sun_Block.php
And, this stuff.
Here is a link to their talk about tire rot.
http://www.303products.com/techinfo/tires1.htm
And here it the link to their solution to it.
http://www.303products.com/shop303/index.cfm/category/65/303-aerospace-protectant.cfm
Of course, anything opaque to UV, like a vinyl tarp, NOT the ones they sell at WallyWorld, will do just as good.
BTW that is the real reason they sell spare tire covers for back mounted spares. Not to dress up your ride.
My camper trailer spare tire was the original under a cover.
It had been on there since the trailer was new back in 83 or so. The tires that were on it, had dry rotted and had cracks in the sidewalls. I replace them, and did not keep up the Armor All treatment.
The "new" tires are also showing signs of cracking, but the 83 model under the cover is fine.