Mix first six ingredients together in a mixer or with beaters. Stir in chocolate chips.
Pour into a greased bunt cake pan (cooking spray works great). Bake at 350 degrees for 45-50 minutes.
Remove from oven. Let cool for 20 minutes.
Remove cake from bundt pan by placing a plate upside down over the bundt pan. While holding the plate firmly on top of the bundt pan, flip both over so the cake comes out onto the plate. Cover the cake with plastic wrap and place it in the fridge overnight before frosting.
In a medium bowl, cream together the cream cheese and butter until creamy. Mix in the vanilla, then gradually stir in the powdered sugar. Start with 2 cups then keep adding more until it is nice and thick.
Spoon the frosting into a Ziplock resealable gallon bag. Clip one bottom corner of the bag.
Squeeze frosting out of the bag onto the cake in strips as pictured.
*Prep time and cooking time does not include letting the cake refrigerate overnight.