The classic winter cycling jacket has a windproof front and arms, open back, with a wool or fleece inner lining for loft and warmth. It is designed to be worn over a base layer. This is an excellent example and it is on sale now everywhere. Designed to be warm down to about 32deg.

http://castelli-us.com/pm-683-1-fresco-jacket.aspx

For colder conditions, eliminate the open back, then for even colder, increase thickness of the inner liner.