In a small saucepan, melt the butter with the brown sugar over medium heat. Stir continuously, until the brown sugar dissolves. The butter/sugar mixture will boil over fast so make sure you stirl every 30 sec or so.
Remove from heat, whisk in vanilla and set aside to cool.
Beat the cream cheese and powdered sugar for 1 minute.
Slowly beat in the cooled butter mixture and beat again for another minute.
Stir in the chocolate chips.
Pour into serving bowl and refrigerate. Remove it from refrigerator about 15 minutes before serving.
Serve with vanilla wafers, graham cracker sticks, or animal crackers!