In a medium saucepan over medium heat whisk togeter the cocoa powder and 1/2 cup of milk. Whisk until combined.
Whisk in the remaining milk. Add the sugar and chocolate chips stirring until everything is melted, about 3 minutes. Do not boil.
Remove from heat and whisk in the cinnamon, vanilla extract, and Bailey's Irish Cream.
Divide the hot cocoa between two mugs.
Top with whipped cream and your choice of caramel or chocolate sauce.