In a large bowl, whisk together the buttermilk, butter, egg, sugar and vanilla until smooth. In a separate bowl, combine all the dry ingredients. Whisk in the dry ingredients gradually, whisking batter until smooth after each addition. Fold in the chocolate chips.

Preheat small, non-stick frying pan or pancake griddle to medium heat. Add pancake batter to hot pan/griddle and cook on first side for about 2 minutes; bubbles should be rising and breaking the surface and edges should be cooked. Use a large spatula to turn pancakes over and cook on second side for 1 minutes.

For the chocolate syrup: melt chocolate chips in microwave and stir until smooth. Add 1/3 cup sweetened condensed milk and stir. Microwave mixture for about 1 minute and stir until smooth. Serve with hot pancakes.