Just for yuks (I'm avoiding work, what can I say
) I typed "cornering bicycle" into Google and got a lot of interesting-looking hits.
Here's one that looked particularly relevant:
http://www.racelistings.com/rzone/ar....asp?recid=320
a snippet:
Controlling the bicycle around a corner at speed requires special skill. In some races, the ability to corner quickly is the difference between winning and riding at the back of the pack getting slaughtered.
As you speed around a corner, centrifugal force makes you want to fly out from the corner. In order to compensate, your center of gravity must lie inside the tire-road contact line.
You have three basic choices, depending on your situation:
You can angle both yourself and the bicycle. This is commonly called leaning.
You can angle the bicycle more than your body. This is commonly called countersteering.
You can angle your body more than the bicycle. This is commonly called steering.
Enjoy. 
(argh, back to work...)