The article I just read said no. You will only burn a few extra calories by exercising in the cold. You will on the other hand consume something like 40 to 50 percent more calories afterward. They suggested that you work out inside for at least 20 minutes after your ride. Once the body has warmed up you won’t tend to pig out. Forgot the bicycling magazine I read this in though. Sorry if it is not what you wanted to hear.