I mountain biked all winter (including in the snow) and this is what worked for me:

an old pair of Pearl Izumi chamois-less tights over a
pair of PI shorts
Pearl Izumi Woolie Mammoth jersey
Smart Wool tank
Smart Wool socks
Specialized Tahos
Specialized Sub Zero gloves

For snow days I added my waterproof Merrill hiking boots (I have platform pedals), fleece lined, wind block Terry tights, wool tank, Terry snow leopard polar fleece top, ear warmers, helmet cover, and polar fleece socks. I have a tendency of being hot so I dress with fewer layers.

Specialized makes a shoe, Defroster, that is waterproof and very toasty for the tootsies in the dead of winter.