We propose a single-diffusion tensor model with heteroscedastic noise and a Bayesian approach via a highly efficient Markov Chain Monte Carlo (MCMC) algorithm for inference. The model is very flexible since both the noise-free signal and the noise variance are functions of diffusion covariates, and the relevant covariates in the noise are automatically selected by Bayesian variable selection. We compare the estimated diffusion tensors from our model to a homoscedastic counterpart with no covariates in the noise, and to commonly used linear and nonlinear least squares methods. The estimated single-diffusion tensors within each voxel are compared with respect to fractional anisotropy (FA) and mean diffusivity (MD). Using data from the Human Connectome Project, our results show that the noise is clearly heteroscedastic, especially the posterior variance for MD is substantially underestimated by the homoscedastic model, and inferences from the homoscedastic model are on average spuriously precise. Inferences from commonly used ordinary and weighted least squares methods (OLS and WLS) show that it is not adequate to estimate the single-diffusion tensor from logarithmic measurements.