Sounds like your PS fluid is too thick at cold temps. Have you been putting synthetic PS fluid in?
Seems like the PS pump isn't able to push enough fluid through the system when it's really cold out. I'd first try to find a different PS fluid that's thinner at lower temps, most likely a synth fluid (not CHF11S as that's synth hydraulic fluid).
Or you could need a new PS pump.
Did your touring originally have SLS and it was partially deleted? Meaning do you have an SLS PS pump rather than a regular PS pump, but the SLS has been disabled?
Cosmos Black/Black 1995 540iA M-Sport
BMW Individual Exclusive Edition, 1 of 65 total, 9/25/95 Build