From skiing (and other) experience, polypro is the old, low-tech, and smelly way to go. Icebreaker or similar (merino) all the way IMHO.
Merino (im actually wearing a icebreaker right now) seems to regulate to the heat you need. You never feel 'hot' in it, but it always seems to keep you warm enough. And it doesn't seem to overheat you either.
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