Using the insbox
set of generic macros, it reduces to using the \InsertBoxC
command if there is no caption. This command can be used anywhere in a paragraph: at the point of insertion, the macro first
ends the line with the following text, then
inserts what you want to insert, and ends with the rest of the paragraph.
If there is caption is more mysterious to me; using captionof
after \InsertBoxC
has the effect that the line is not ended, and the rest of the paragraph appears as a new paragraph after the inserted box.
However there is a workaround: put the whole (\includegraphics and \captionof) in a tabular environment, \captionof being inside a \parbox. So here is a code that seems to produce what the O.P. requires:
\documentclass[11pt]{article}
\usepackage{graphicx}
\usepackage{caption}
\usepackage{cleveref,color}
\input{insbox}
\usepackage{cleveref}
\begin{document}
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec varius dapibus metus eget ultrices.
Nulla sagittis mauris rutrum, blandit augue eget, laoreet augue. Phasellus enim odio, sagittis in
mi sed, fringilla mollis odio. Phasellus quis purus ultricies, tempor purus at, tempus quam.%[height = 5cm]
Donec ultricies, ligula ac pretium porttitor, nibh nunc % <- command inserted here
\InsertBoxC{\begin{tabular}{c}\\\includegraphics{AliceSteadman.png}\\ \parbox{\linewidth}{\captionof{figure}{Any description}\label{WhiteRabbit}}\end{tabular}}%
Integer eros nibh, cursus at est sed, volutpat tristique justo. Donec ornare facilisis lorem, id
feugiat elit pellentesque at. Nulla odio mauris, luctus sed faucibus id, dignissim dictum velit.
Morbi vehicula velit at massa tristique rhoncus. Donec id ipsum molestie, pharetra augue sed,
rhoncus ligula. Cf. \textcolor{red}{\cref{WhiteRabbit}}.
\end{document}
