>>639572Continued...if you're in a hammock, your butt will get cold, it's inevitable. Even inside a sleeping bag, you'll be cold. Your weight will compress a sleeping bag, taking away much of its insulation.
You mentioned an insulated hammock. They exist, but are custom made, and aren't popular really since you basically have to sew them yourself. Some people will make you one, but it's hard to find any. No commercial manufacturers produce them.
Cheapest and easiest option is to use a pad. A foam pad is like $10 at walmart, and will work. You can get nicer pads, like a thermarest, or even an inflatable pad. Inflatables aren't as nice in a hammock, since they are meant to make the ground softer to lay on, this isn't an issue in a hammock, so foam pads are best in my opinion.
Option 2 is an underquilt. Could make a whole thread just on them. It's basically the bottom of a sleeping bag hung below your hammock. Doesn't get compressed by your weight, so they stay warm. Tons of options. Cheapest is a $50 snugpak underblanket. I have one. For the price it's amazing. You can also make your own out of a poncho liner (pic realted). DD also makes an underquilt that's a lot like the Snugpak, only a little nicer. Also twice as expensive. ENO makes underquils but they are expensive for what they are.
Custom made ones from hammock gear, underground quilts, Warbonnet, Jacks r better, and enlightened equipment are awesome, but expensive. Arrowhead Equipment makes synthetic ones (not down) that are really nice for the price. A Jarbidge from them is $100, will take you to 25 degrees, and is really nice. They are 3/4 length so you use a small pad under your feet for insulation (like a sit pad). Arrowhead also makes full length ones for more $, but still cheaper than most other custom quilts.