Heat the milk, pumpkin, and spices in a saucepan over medium heat; stirring frequently. Once it begins to simmer, remove from heat.
Add the vanilla and chocolate; stir until chocolate is melted.
Pour into mugs and top with whipped cream. Garnish with pumpkin pie spice or cinnamon, if desired.
Instant Pot Instructions
Add the milk, pumpkin puree, cinnamon, ginger, cloves, and nutmeg to the Instant Pot. Whisk to combine. Set Instant Pot to Saute. Whisk frequently as it heats up.
Once it is hot, add the chopped up chocolate and vanilla. Turn off Instant Pot or set to "Keep Warm." Stir or whisk until chocolate is melted. Serve warm.