Preheat the oven to 350 degrees F. Grease and flour a bundt cake pan.
In a large bowl, use an electric mixer to combine the cake mix, pudding mix, sour cream, milk, oil, water and eggs. Beat for about 4 minutes, and then stir in the chocolate chips.
Pour the batter into the prepared pan. Bake 50 to 60 minutes, or until a toothpick inserted into the center of the cake comes out clean. Cool about 15 minutes in the pan, then turn it out onto a wire rack to cool completely.
ADD THE GLAZE:
When the cake has cooled, make the glaze. In a medium bowl, microwave the butter and chocolate chips for 1 to 2 minutes. Whisk together until nice and smooth, and then drizzle over the cake. If adding sprinkles, sprinkle them on now before the glaze begins to harden.
Notes
*I use full-fat sour cream and whole milk for this recipe.
*I LOVE the special "baking" spray that they sell now... it includes vegetable oil & flour in the spray, so no need to do the messy flouring of the pan.
*If you don't have a microwave, heat the glaze in a small saucepan instead.