Originally Posted by CompleteStreets

Take off the jacket and you won't sweat. I don't care how "breathable" the jacket is, you'll notice a world of difference if you just wear the underarmour shirt and the wool pullover.

Warning: At 47 degrees you will be cold for the first 5-10 minutes of your ride. After that, you'll feel great and you'll barely sweat, if at all. You may want to wear gloves.

EDIT: The other option is to simply pedal slower, or perhaps take a break mid-ride to avoid building up sweat.