@ alibaba
The fast idle lever operates an eccentric that slightly rotates the throttle. So, I'm guessing it doesn't do anything to enrichen the bike. I've included pertinent excerpts from the owner's manual below. As you will probably notice, it's not just for cold weather, but for regular temperature above 50 and below 95. Below 50, the bike should be allowed to run for up to 5 minutes with the lever on.
@ amensia
The reason the fast idle lever is needed to start from cold or ambient engine temp is because the bike does not have an idle air control valve. I'm assuming to save money Ducati opted for a manual lever rather than an electronically controlled motor that opens or adjusts the air level when the bike is cold. Nearly every fuel injected motor I've ever dealt with has some sort of IAC, so the cold start lever was a new thing to me as well.
BTW, my pipes glow red during warm up as well, particularly the rear/vertical cylinder. I'm not a big fan of it either. I'm very much looking forward to putting some money into a tuner and some dyno time. The bike, like many factory fuel injected vehicles, is mixed far to lean for safe and long lasting engine life. However, I'm not sure if enrichening the mixture that will completely fix the problem. Maybe some ceramic coating will do the trick...
From page 49:
Cold start lever (fig. 36)
The cold start lever is used to assist starting from cold and
to raise the idle speed after starting.
The cold start lever should be used while the engine is
cold (1 or max. 2 bars lit of engine oil T). The cold start
lever should be adjusted while the engine warms up to
maintain an idle speed of around 1500 rpm.
Lever positions:
A) = lever not activated;
B) = lever fully applied.
The lever can be placed in intermediate positions to help
the engine warm up gradually (see page 60).
Important
Never use the cold start lever when the engine is warm.
Do not ride the motorcycle with the cold start lever activated.
From page 61, truncated where appropriate:
Normal ambient temperature
(between 10 °C/50 °F and 35 °C/95 °F):
1) Turn the ignition switch to position (1, fig. 50).
Check that both the green light N and the red light
on the instrument panel come on.
2) Move the cold start lever to position (B, fig. 52).
3) Make sure that the stop switch (2, fig. 51) is in the
RUN position, then press the starter button (3, fig. 51).
From page 62, truncated where appropriate:
Allow the engine to start on its own, without turning the
throttle.
Notes
If the battery is flat, the system automatically disables
operation of the starter motor.
4) Move the starter lever towards the vertical position (A)
to obtain an idle speed of 1400 to 1500 rpm.
Important
Do not rev the engine when cold. Allow some time for
the oil to warm up and reach all points that need lubricating.
5) Then, as the engine warms up, move the cold start lever
gradually towards vertical position (A, fig. 52). Once the
engine is at normal running speed, it should idle smoothly
with the cold start lever completely closed.
High ambient temperature (above 35 °C/95 °F):
Follow the same procedure for “Normal ambient
temperature”, but without using the cold start lever.
Cold ambient temperature (below 10 °C/50 °F):
Follow the procedure for “Normal ambient temperature”,
but allow up to 5 minutes for the engine to warm up (point 5).