Pancakes: Whisk together all ingredients except for 1 cup milk. Add remaining milk a 1/4 cup at a time until you've reached your desired pancake consistency (thinner batter for thinner pancakes, thicker batter for thicker pancakes).
Heat a griddle or skillet over medium heat. Coat with butter or spray with cooking spray. Once the pan is hot, ladle 1/4 cupfuls of batter onto the pan and cook until bubbles start to form on the top, about 1 to 2 minutes. Flip over and cook another 1 to 2 minutes or until light brown. Repeat with the remainder of the batter.
Cream Cheese Frosting: Beat together the cream cheese and butter until smooth. Add vanilla and confectioners' sugar one cup at a time, beat until smooth. Add milk 1 tablespoon at a time until you've reached desired consistency. Using a fork, drizzle over pancakes and top with chocolate sprinkles.
Cook's Note: For an extra special treat, sprinkle pancakes with semi-sweet chocolate chips before turning.