Sift together dry ingredients and add chocolate chips. In another bowl, blend the milk, egg, peanut butter and melted butter together. Add the wet to the dry and mix until just combined (do not over mix, as this creates a very dense and heavy product; lumps are OK).
Heat a frying pan over medium heat and melt enough butter to just evenly coat the bottom of the pan. Using an ice-cream scoop to portion, place scoops of batter in the hot pan about 1 inch apart. When you see bubbles start to form on the surface of the batter and the edges start to dry out a little, flip the pancake. Cook until pancake is puffed up and springs back when lightly poked. Remove from pan and serve immediately.
Suggested topping: traditional pancake syrup. Yield: 10 pancakes