Mix cake ingredients together with an electric mixer. Fold in chocolate chips. Pour into a well-greased bunt cake pan.

Bake at 350 degrees F for 45-50mins or until toothpick inserted into the center comes out clean. Remove from oven. Allow to cool in the pan for 15-20mins. Remove from pan.

At this point you can frost it and serve it, or you can wrap it in plastic wrap and let it sit overnight in the fridge before frosting.

In a medium bowl, beat the cream cheese and butter until creamy. Mix in the vanilla. Gradually stir in the powdered sugar. Pipe onto cake. Sprinkle with crushed candy canes.