Preheat oven to 350 degrees F. Generously butter a standard (12-cup) bundt pan, making sure to get in all the nooks and crannies. Dust with flour, tapping out any excess.

In a bowl, sift together flour, baking powder, baking soda, salt, cinnamon, nutmeg, and cloves.

In a large mixing bowl or the bowl of a stand mixer, beat sugar and butter until fluffy, 1 to 2 minutes.

Add eggs, one at a time, mixing well after each addition.

Scrape down the sides of the bowl, then mix in pumpkin and vanilla.

Add dry ingredients in three additions, alternating with milk, mixing until incorporated.

Fold in chocolate chips.

Pour batter evenly into prepared pan.

Bake for 50 to 55 minutes or until a toothpick inserted in the deepest part of the pan comes out clean or with a few moist crumbs attached.

Move to a wire rack and let cool; invert onto wire rack, cake should come out cleanly.

To prepare glaze, heat all ingredients in a small saucepan over medium-low heat until melted and smooth.

If necessary, add more milk or cream, 1 tablespoon at a time, until glaze is the consistency of maple syrup.

Place wire rack with cake inside a sheet pan or cookie sheet.

Pour glaze evenly over cake, letting it drip down and completely cover the top and sides, using a spatula if necessary to cover any missed spots.

Let sit for 30 minutes to allow glaze to set.

Slice and serve.

Leftover cake will keep in an airtight container for up to 3 days.