Preheat the oven to 350F. Grease a 9x5x2 1/2 inch loaf pan. In a medium bowl sift together the first 5 ingredients. Using an electronic mixer, beat the butter in a large bowl until smooth. Gradually beat in sugar, then beat in eggs one at a time. Beat in pumpkin and vanilla. Beat dry ingredients into the pumpkin mixture alternately with milk. Stir in chocolate chips. Transfer batter to prepared pan.
Bake loaf cake until tester inserted comes out clean, approximately 50-60 minutes. Cool in pan on rack for 15 minutes. Turn cake out onto a drying rack. Let cool completely.
Notes: These can be made into miniature muffins. Prepare the same way, simply separate them into miniature muffin tins and bake for 12 minutes.