I ride in temps down to around 20F and I think being somewhat cold is just part of the winter experience. If you are warm, you'll be hot and sweat more and end up even colder. If you are a tad cold, your body will produce enough heat to find a balance. That said, my face is usually cold. Anyway, here is what I do. Works for me. Ymmv.
regular bib shorts
warm, wool socks (long type like up to mid calf) I don't have booties yet and last year on really cold days my feet were cold
cycling tights (am going to experiment with wool long johns under but over bibs but hasn't been cold enough yet)
wool base layer top under bib straps
long or short sleeve jersey depending on temps
long or short sleeve wind-proof jacket (mine has removable sleeves) depending on temps
skull cap that covers ears depending on temps (40 and up I usually don't need it)
full finger gloves when it's cold enough
Last edited by bikerjp; 11-13-11 at 11:55 AM.