In a mixing bowl, beat cream cheese, butter, and vanilla until fluffy. Gradually add sugars and beat until combined. Stir in chocolate chips. Cover and chill two to three hours. Place cream cheese mixture in a piece of plastic wrap and shape into a ball. Refrigerate until ready to serve. Roll in chopped pecans. Serve with graham crackers and/or vanilla wafers.
For a Toffee Chip Cheese Ball, substitute toffee bits for chocolate chips.