BobbyG

I know wool would work better for wicking, but I've been okay with cotton, so here's what I wore for this ride and would wear at 12F, which is my current low temp threshhold (did it last winter). Two pair of atheletic socks with a wool-blend hiking sock over both. Loosen shoes and make sure shoes are loose. Tight shoes restrict bloodflow and leads to cold feet. If there is snow or wet I put a plastic grocery bag or two over the socks. I wear my usual coaches shorts, over which I wear light, slightly breathable loosish track pants, over those I wear baggy cotton lined nylon jogging pants. Above 23F I just wear the light track pants, above 35F just the shorts. On top I wore a lycra t-shirt over which I wore a longsleeve turtle neck light cotton pullover. Over which I wore an old cotton sweatshirt, topped off by my usual light breathable windbreaker. Above 23F I ditch the sweatshirt in favor of another long sleeve T-shirt (sans turtle neck), And above 35F I wear just a long sleeve t-shirt under my wind-breaker. On my head I wore a thin nylon belaclava, with a breathable ear-warmer/headband (which my step-daughter knitted me just for bike-riding!) Above 23F, just the ear warmer, above 35 nothing. On my hands I wore light synthetic gloves from Dollar Tree over which I wore light water resistant winter gloves, and over those another layer of loose soft Dollar Tree gloves. Above 23F I wear light leatherette gloves covered by Dollar Tree cotton work gloves. I wear cheap cotton work gloves over everything because it turns the back of my hand into a giant nose-wiper.
I used to over dress and sweat excessively which would then freeze. I now dress with the aim to be warm about 10-15 minutes into the ride. My commute is usually 45 minutes, give or take, but in the snow, my commute can take almost 80 minutes, especially if there is a train. This is about the time limit for the cotton due to moisture. At some point I will buy wool base layers. And mittens, which are warmer than gloves.
I have been wearing the belaclava tucked up under my lower lip. I have not felt the need to cover my mouth and nose yet this winter. In years past I have and it fogs up my glasses. However, in the last few years I began washing my glasses with warm water and hand soap and then blow drying them with an empty pen-tube or drinking straw (pinching the end to build pressure). This has the added benefit of inhibiting fog buildup on the glasses. On the few occasions I have worn a scarf over my face (not on the bike) it has helped reduce, but not eliminate fogging.
Anyways, I am no expert, but this is what I do, and it works for me...Your Mileage May Vary. I almost exclusively commute, and my winterbike has fenders, and my setup would not work for a day of fatbiking in the snow, where I suppose more water proofing would be needed and more wicking.