I ride year around, and will go for at least 20 - 30 min ride if it's above 15 deg. I do have
www.smartire.com/motorcycles installed and know for a fact that tires do get warm even at freezing temperatures, and can tell you that at those temperatures (and dry conditions) traction is better than in the wet (and warm conditions). The temperature readings I see on display are consistent with the feeel when I touch the tire.
I rode a few days ago in 35 deg in dry conditions. Cold tire pressures were 33 front, 35 rear. After 5 min or riding at... well, you know what speeds... the front was at 37 psi/60 deg, the rear was at 39 psi/75 deg. During the ride I reached the lean angle of no more than 35 deg (zero being vertical).
I've also ridden (in the past) at 20 deg with a reasonable lean angle. No sliding.
My estimate is that there is a marginal loss of traction, but not as much as one may think, and definitely better traction than in the wet but warm conditions. Even tar snakes don't give me any trouble in the cold.