In a mixing bowl, beat cream cheese, butter, and vanilla until fluffy. Gradually add both sugars, beat until just combined. Stir in chocolate chips. Cover and refrigerate for at least 2 hours. Place mixture on a large piece of wax paper. Shape into ball. Refrigerate for at least one hour. Just before serving, roll ball in sprinkles (or pecans). Serve like you would a cheeseball, but with graham crackers.
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