1Heat waffle iron; grease with shortening if necessary (or spray with cooking spray before heating).
2In medium bowl, stir milk, Bisquick mix, peanut butter, granulated sugar, vanilla and egg until well blended. Carefully dip bread into batter on both sides. Place in waffle iron; close lid.
3Bake about 2 minutes or until steaming stops and "toast" is golden. Carefully remove waffle toast. Sprinkle each waffle with 1 tablespoon chocolate chips and powdered sugar.