Preheat the oven to 350°F. Spray two 9x5 inch loaf pans (or muffin tins) with nonstick spray.
In a large bowl, whisk together flour, sugars, baking powder, salt and cinnamon.
In another bowl, combine mashed bananas, milk, peanut butter, vanilla and egg. Add to flour mixture, stirring until just combined. Stir in chocolate chips.
Pour batter into prepared pans. Bake 50 to 55 minutes (give it a check at 40 minutes), or until toothpick inserted near center comes out clean.