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For the Biscuits, preheat oven to 425°F. Mix flour, baking powder, sugar and cinnamon in large bowl. Cut in cold butter with pastry blender or 2 knives until the mixture resembles coarse crumbs.
Gradually stir in milk until a dough is formed. Turn dough out onto lightly floured surface. Knead lightly 2 to 3 times then roll out to 1/2-inch thickness. Cut out 12 rounds with 2 1/2-inch biscuit cutter. Place rounds in buttered 9-inch baking dish.
Bake 12 to 14 minutes or until biscuits are lightly browned.
Meanwhile, for the Chocolate Gravy, mix sugar, cocoa powder, flour, cinnamon and salt in medium bowl; set aside. Melt butter in medium saucepan on medium heat. Gradually add flour mixture; whisk to remove any lumps and form a paste. Gradually whisk in milk until smooth. Bring to boil, stirring frequently. Cook 2 minutes or until thickened. Remove from heat. Stir in chocolate chips and vanilla. Serve warm over biscuits.