Some of the additive chemistry in your oil requires certain temperatures to be active. Additionally, when not putting load on the engine, there is a LOT less flow through the engine, and as such, there is a lot less heat generated and so everything is heatin and expanding much slower.
Your engine is designed with certain tolerances. THese tolerances are really reached at operating temperature. Before that, things contract as they are cold. You want everything to operate with reasonable "tightness", and rely on hydrodynamic regimes of lubrication. Until the oil is warm (takes a lot longer than the water) and the engine has gone through its thermal cycle, greater wear occurs, combustion efficiency is decreased, etc. Not to mention that from idling, due to the lower operational temperatures, you tend to loadd your oil with more fuel and water - neither are good for protecting your bearings...
The best thing to do any time the oil is not up to temp (it takes about 15-20 miles to get up to temp), and especially when the water is still not up to temp, is to drive gently and conservatively, so that the mild loading heats up the engine quicky, but you are not putting any undue stress or wear on your engine.
JMH
JMH