I rode 8 miles today (22F) and did an experiment with minimal clothing. Windbreaker, sweat-wicking t-shirt, windbreaker pants, my $9 Home Depot work gloves, wool socks, sneakers, and balaclava. It was great, I didn't sweat at all on the ride and was warm after about a mile on the road. I should have packed a heavy fleece on the bike in case I had to change a flat or stop for any extended period of time.

Interestingly, once i got back inside I was really cold for about 15 minutes after putting my warmer work clothes back on...