The NWS has dropped the Winter Weather Advisory for Shelby and Fayette counties in the metro area, while continuing it for Crittenden and Tipton counties until 3am as temperatures have remained at 33 or higher and will very slowly climb overnight. No further icing is expected for the city or its immediate northern or eastern suburbs overnight. Ice glazing on trees, power lines, etc. will slowly melt overnight as well. In fact, the MemphisWeather.net WXLIVE! anemometer (that measures wind speed and direction) slowly came back to life between 5:00pm and 8:30pm after being frozen up since shortly after 11am this morning!
Further north and west, in northeast AR and northwest TN, things are a little more dicey and Ice Storm Warnings remain in place overnight. An additional 1/4"-1/2" of ice is possible in these locations. Be extremely cautious if you are driving I-55 northbound towards Sikeston or I-40 westbound towards Little Rock tonight or Tuesday morning.
Here are the latest reports of conditions as relayed to the NWS: Storm Reports