Combine all ingredients except chocolate chips, mix by hand or mixer about 2 minutes, stir in chips. Pour into a greased and floured 10 inch bundt or tube pan.
Bake at 350 degrees for 50 to 55 minutes.
Cool 20 minutes in pan, loosen sides with spatula, turn out onto plate to cool completely. Drizzle with glaze.
Glaze:
2 tablespoons butter, melted
1 cup powdered sugar
2 or 3 tablespoons hot water
Combine all ingredients in bowl and beat by hand until smooth.