In a small bowl combine yeast, 1 tablespoon warm water, and sugar. Set aside for 5 minutes.
In a large bowl combine the milk, water, egg, oil, salt, and yeast mixture. Stir with whisk until everything is well combined.
add the flour slowly and continue mixing until you you start to form a dough texture. If dough is very sticky, add more flour by tablespoonfuls until dough begins to form ball and pulls away from sides of bowl. Turn dough out onto lightly floured work surface. Knead until smooth and elastic, adding more flour if sticky, about 5 minutes. Rub with 1/2 teaspoon oil and cover for 45 minutes.
Combine the brown sugar, cinnamon, chocolate chips, and salt. Set aside.
After the dough has doubled in size punch down and Transfer to floured work surface. Roll out to 15×11-inch rectangle. Spread the butter over the dough. sprinkle the cinnamon mixture. Roll the dough from the long end, be sure to roll tightly.
Cut into 3/4 inch wide slices. Place rolls 1 inch apart in two greased 9x9 pans or circular pans. Set aside for 45 minutes to rise. After the rolls have risen for 30 minutes preheat oven to 375 degrees. Bake for 25 minutes in center rack. Remove and allow to cool for 10 minutes.
Heat cream cheese in microwave for 15 seconds. Beat cream cheese, heavy cream, sugar, and vanilla for 3-5 minutes until you have a fluffy creamy texture. Pipe glaze mixture on the cinnamon buns or simply spoon on and spread.
*be sure to try one warm while the chocolate is still gooey*