Preheat oven to 350 degrees F, and grease and flour your bundt cake pan. (See my tips for properly greasing a bundt pan, above in the post.)
Mix the first six cake ingredients together. Stir in the chocolate chips.
Pour batter into your greased bunt cake pan. Bake at 350 for 45-50 min. Allow to cool in the pan for 10 minutes before inverting the cake onto a wire cooling rack. I also like to run a butter knife gently around the edges of the pan to make sure the cake isn't sticking, before I turn it out.
For the Cream Cheese Frosting:
Beat together the cream cheese and butter until light fluffy. Mix in the vanilla. Gradually beat in the powdered sugar, mixing for several minutes, until smooth and creamy. Add more powdered sugar, to taste, if needed.
To frost the cake:
Spoon frosting into a pastry bag with no tip attached, or into a ziplock bag, with the corner cut. Starting at the outer edge of the bundt cake squeeze and pull a line of frosting up and over the cake, into the center hole.
Repeat this process all around the cake. Store, covered, in the fridge for up to 5 days. Freeze, covered well, for up to 3 months.