Starting on January 1st a new law went into effect making Oregon the fourth state with a "Stop as Yield" law for people riding bikes (Idaho, Delaware, & Arkansas being the other three). Also known as the "Idaho Stop" after the law that was first passed there in 1982, this new law allows people on bikes to approach an intersection with a stop sign at a "slow speed" and if it is clear (no other person with potential right-of-way present) then they may proceed through the intersection without coming to a complete stop. If there is a pedestrian or other vehicle that has the right-of-way then the person on the bike is still required to stop.
Different from the Idaho law there is no provision to treat a red traffic signal as a stop sign (except a flashing red light used at stop controlled intersections). This section from Idaho, which allows people riding bikes to treat a red traffic signal as a stop sign, was added in 2006 but was not considered for the Oregon bill.
It's important to remember that this "Stop as Yield" law still requires people riding bikes to STOP if a pedestrian, a person in a car, or another road user may have the right-of-way at the intersection. Be courteous, take your turn, and be safe. If you've approached the intersection with care and it's safe and clear you can keep that momentum going and roll on through!
For more information on how the law came to be read this post on BikePortland.org: "How Oregon Got Idaho Stop"