Many "experienced" divers think 50-60 degrees is "cold". In fact, 50 degree is where it just starts to get interesting. The closer you get to feeezing, the smaller the temperature gradient the reg has to work with to regain heat from the surrounding water that it lost to adibatic cooling of the expanding gas flowing through it and 50 degrees is the point where it gets critical in many regulator models.
Good technique also helps:
1. Use low presure tanks
2. Don't pre-cool the reg by breathing, testing or inflating on the surface until the reg is fully submerged
3. Don't over breathe the reg
4. Use several small additions of gas spaced several seconds apart when inflating rather than one long blast (ie: don't fall behind on buoyancy control on descent)
5. Don't inhale and inflate at the same time, and
6. Pull the rubber hose protectors and trim boots free of any metal fittings to increase the surface area and heat transfer of the regulator.
But there is no substitute for a well designed, fully sealed first stage designed specifically for cold water use.
In the distant past, it was all but unheard of unheard of for an all metal second stage to freeze. However todasy mostly plastic second stages, and in particular those with plastic air barrels that allow little or no heat tranfer to the internal parts, commonly freeze up. This will often happen if the reg falls out of the divers mouth and freeflows for just a few seconds.
For the ultimate in reliability, use a double hose reg (other than the recent Aqualung Mistral), as by design the first and second stages (if it has one) are full sealed and the reg itself has an enormous amount of surface area to transfer heat.