Preheat the oven to 325 degrees F
Grease and flour a large tube pan
In a separate bowl, whisk the flour, baking powder and salt until combined, set aside
Add the vanilla to ½ cup milk and set aside.
Add the softened butter and mix until smooth, gradually add the sugar and mix until it is light and fluffy, 3 to 5 minutes.
Add the ½ cup peanut butter and mix until well blended.
Add the eggs one at a time mixing until the yellow of the yolk has blended in.
Add the flour mixture alternately with the milk, begin and end with the dry ingredients.
Fold in the cup of mini chocolate chips.
Bake at 325 degrees for 1 hour and 10 minutes or until a toothpick comes out clean or with just a few crumbs attached. Cool 5 to 10 minutes and turn out.