Cook pasta in a pot of boiling salted water until al dente (about 8-10 minutes). Drain.
Melt chocolate chips and butter together in a small saucepan. Add powdered sugar and milk. Stir constantly and bring to a boil. Reduce heat to a low simmer. Cook for 8 minutes, continuing to stir constantly. Add vanilla.
In desired serving dishes, add pasta and top with chocolate sauce. Garnish with your favorite topping.