Melt the butter with the chocolate chips in a sauce pan.

Then, add the evaporated milk and powdered sugar.

Bring the mixture to a boil while stirring, with a whisk to combine.

When mixture has reached a boil, boil for 6 minutes stirring often, so it will not burn on the bottom.

Remove from the heat and add the vanilla. Stir.

Allow time to cool slightly before serving.

Store in a jar or container in the refrigerator for up to a week. Heat up to serve again.