The sub-Ohmic spin-boson model possesses a quantum phase transition at zero temperature between a localized and a delocalized phase, whose properties have so far only been extracted by numerical approaches. Here we present an extension of the Silbey-Harris variational polaron ansatz which allows us to develop an analytical theory which correctly describes a continuous transition with mean-field exponents for 0<s<0.5. The critical properties, couplings, and observables we obtain show excellent agreement with existing numerical results, and we give an intuitive microscopic description of the changing correlations between the system and bath which suppress the spin coherence and drive the transition.