What to wear to workout when it's cold outside

I live in an area where the temperature, for the most, is bearable year round. We will have weeks where it dips to freezing and maybe an inch of two of snow each year, but when it turns cold I never know what to wear to workout. Most of the time I put on way too many layers and overheat and when talking to a buddy over the weekend he sent me this picture as a guide:

• 60F and above: Tank top or singlet, and shorts
• 50-59F: T-shirt and shorts
• 40-49f: Long-sleeve light-weight shirt, shorts or tights (or nylon long pants), mittens and gloves
• 30-39F: Long-sleeve medium weight shirt, and another T-shirt, tights and shorts, socks, mittens or gloves, and a hat over the ears
• 20-29F: Medium weight long-sleeve shirt, another T-shirt, tights and shorts, socks, mittens or gloves, and a hat over the ears
• 10-19F: Medium weight long-sleeve shirt, and medium/heavy weight shirt, tights and shorts, nylon wind suit, top and pants, socks, think mittens and a hat over the ears
• 0-9F: Two medium or heavyweight long-sleeve tops, thick tights, thick underwear (especially for men), medium to heavy warm up, gloves and thick mittens, ski mask, a hat over the ears, and Vaseline covering any exposed skin

I thought that was brilliant and found the source which I hope to refer back to every winter.