PV has been really good in the small creek section just below the powerhouse using dry/dropper bead head combos. A Para BWO or Stimulator as the upper and a FB PT or crystal tiger midge or crystal caddis larva as the dropper. The reservoir is still at high levels and access to the transition water near the inlet is difficult right now with limited areas to fish from the bank. Ideal level is 4383' and under. A float tube in this section is a must for consistent results. The warm weather is nice for tubing and far from the "freeze tubing" experience that is typical for winter here. The level has been coming down slowly and it will not be long if this trend continues before the transition area will be the hot place to fly fish in the Sierra. Check out my Facebook link periodically for updates here.
The Gorge is also fun and fishing like mid-fall instead of winter. Hit the period of the day between 10-2 and you should see some decent surface action on midges and #18 BWO patterns. The deeper pools will also hold more fish and can be fished with bead head nymphs below a dry. If you do not mind hiking you will escape the holiday crowds in the more popular year around waters. Try Lower Gorge up from the powerhouse. Walk twenty minutes from the furthest parking area. It is very consistent for small wild browns upstream from here with lots of nice pools and runs.
The photo above shows Ron White fishing the slower transition water at PV Reservoir. He did big numbers with me here in December using Assassins under a para BWO. Note how the water is well into the trees making access difficult.