At low values, Core reads below ambient because it is not reading physical heat. Core temp is based on the number of electrons jumping the gaps in the P-N junctions of the transistors. It's a mathematical formula that AMD uses to calculate an equivalent heat value based on how much juice is running around inside the chip. However, by coincidence, as Core electron flow increases, that value will become more and more similar to an actual temperature that is physically inside the silicon and ceramics of the chip, if you could stick a thermometer in it at around 47C.
On a side note:
I have a Phenom II X4 920, and I've never gotten more than 3.4GHz out of it. Basically, it's the non-black-edition 940. I have a phase-change cooler on it with a copper heatsink and 80mm 6000RPM fan. It's always cool, even at full load. Before putting the phase-change in, I was using a Thermaltake 120mm fan and aluminum cooler. It ran pretty hot under load. Different heatsink material, different thermal transfer process, and SMALLER fan. Keep in mind I was not able to change the multiplier and was using the HTT and bus speeds to increase the overclock.
I don't know which cooler you have, but you might consider a phase-change unit before going much further.